Stocks Drop Sharply In China As Coronavirus Outbreak Stings Economy, Death Toll Stands At 361

Stocks in China’s Shenzhen and Shangai dropped 8.4% and 7.7% respectively following the outbreak of a novel coronavirus that has left 361 dead and over 17000 infected, New York Times reports.

According to the publication:

Other markets in the region, which have already digested much of the impact, opened lower as well. Shares in Tokyo and Australia were down about 1.5 percent in early Monday trading. Stocks in Hong Kong opened about half a percent lower.

The damage could be confined to Asia. Futures markets that predict the performance of stocks in the next day forecast a positive opening for Wall Street and a mixed day for shares in Europe.

Meanwhile, China has started to put Wuhan and areas surrounding it on lockdown as airlines stop flying to China.

More: New York Time