On the first day of trade in China since the Lunar New Year, Shanghai-traded oil, iron ore, copper and soft commodities contracts all post sharp drops, catching up with sliding global prices
A security guard stands at the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, as the country is hit by an outbreak of a new coronavirus, February 3, 2020.
The total number of deaths in China from the coronavirus rose to 361 as of Sunday. It had stood at 17 when Chinese markets last traded on January 23. The new virus has created alarm because it is spreading quickly, much about it is unknown, and authorities' drastic response is likely to drag on economic growth."It's uncertain whether factory workers, or how many of them, will return to their factories," she said. "We haven't yet seen corporate earnings since the coronavirus. Restaurants and retailers may have very little sales.
Amid the selldown, the People's Bank of China injected $173.81 billion into money markets through reverse bond repurchase agreements. "It is a clear message that they want to take growth-supportive measures and keep the market reassured," said Mayank Mishra, macro strategist at Standard Chartered Bank in Singapore of the PBOC move.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China finishes new hospital for virus patients as toll growsBEIJING (AP) — China completed building a 1,000-bed hospital for treating victims of a new virus that has caused 362 deaths and more than 17,000 infections at home and abroad, according to the...
Read more »
Asian shares set for rough ride on virus fears, China in focusAsian markets are set for another bumpy ride on Monday on fears about the hit to...
Read more »
China reports 304 virus deaths, fires officials for poor jobBREAKING: China’s death toll from a new virus rises to 304 with more than 14,000 confirmed cases, amid warnings from the World Health Organization that other countries need to be prepared in the event the disease spreads among their populations.
Read more »
China central bank sees temporary economic impact from virus, pledges support measuresChina central bank says will keep liquidity ample, sees temporary economic impact from virus
Read more »
Vietnam Airlines to suspend flights to China, HK, Taiwan over virusVietnam Airlines will suspend its flights to China, Hong Kong and Taiwan with ef...
Read more »
Fears of new virus trigger anti-China sentiment worldwideSEOUL, South Korea (AP) — A scary new virus from China has spread around the world. So has rising anti-Chinese sentiment, calls for a full travel ban on Chinese visitors and indignities for...
Read more »