Coronavirus Outbreak LIVE: WHO Warns Overseas Spread May be 'Tip of Iceberg'; 908 Dead in China

Sensex, Nifty Fall as Coronavirus Toll Weighs on Metals | Losses in metal shares dragged Indian markets lower today, as rising death toll in China raised alarm bells about the severity of the coronavirus outbreak and its economic impact. The broader NSE Nifty 50 index fell 0.38% to 12,053.15 by 0355 GMT, while the benchmark S&P BSE Sensex was 0.38% lower at 40,979.50. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.7% as the death toll touched 908 in China's central Hubei province as of Sunday, surpassing the SARS epidemic.

The Journal of the American Medical Association has published a report on the clinical characteristics of 138 coronavirus patients in Wuhan, according to a report by the Guardian. Common symptoms among the 138 people covered in the report included fever (99%), fatigue (70%), dry cough (60%). The less common symptoms were headache, dizziness, abdominal pain, diarrhoea, nausea, and vomiting.

New York City Could Spend $1 Mn a Day on Coronavirus | According to New York Senator Chuck Schumer, New York City had spent more than $1 million in their coronavirus response and “could spend millions of local dollars more over the next 60 days to help tackle the virus." "New York City has already spent more than a million dollars on public health activities of national importance to tackle the coronavirus, and could, if the need develops, be looking at a one-million-dollar-a-day tab," Schumer said.

Gold prices held steady on Monday, as rising concerns over the severity of the coronavirus outbreak and its impact on the global markets offset slight pressure from positive economic data from China and the United States. Spot gold was little changed at $1,569.05 per ounce by 0313 GMT. U.S. gold futures were flat at $1,572.70, stated a Reuters report.

The coronavirus outbreak could very negatively impact automobile plants. The Chinese auto parts industry is big, a major supplier of parts to auto plants around the world, shipping nearly $35 billion of parts in 2018, according to United Nations data. 

Asian shares diminished early losses on Monday as Chinese authorities lifted some coronavirus-related restrictions on work and travel, helping businesses resume work though overall sentiment was still jittery as the death toll from the epidemic climbed. "Markets have turned around a bit reflecting the news that Chinese businesses were returning to work," said James McGlew, analyst at stockbroker Argonaut. "Overall, I think, there is still a concern out there that the impact from the coronavirus hasn't been fully quantified," he added.

HSBC Women's Golf in Singapore Cancelled Because of Coronavirus | Golf's HSBC Women's World Championship in Singapore which was to be held later this month was cancelled on Monday as was the next week's LPGA Thailand tournament, meaning the US women's Tour has now lost all three of their lucrative early-season events in Asia, amid the coronavirus outbreak, stated an AFP report.

Princess Cruises Will Refund Passengers in Quarantined Ship | Princess Cruises will offer a full refund for passengers aboard the Diamond Princess cruise ship quarantined at Yokohama, Japan, stated a report by CNN. In a letter, Princess Cruises President Jan Swartz said "All monies paid to Princess Cruises including your cruise fare, round trip Princess Air, pre- or post-Cruise Plus hotels, transfers, prepaid shore excursions, gratuities and other items, and taxes, fees and port expenses will be refunded to the original form of payment." 

China's factory-gate prices snapped six months of year-on-year declines in January, although prolonged business closures from the coronavirus outbreak mean positive momentum is unlikely to persist. The virus has added to price pressures, with consumer inflation hitting a more than eight-year high as government restrictions on movement drove residents to stock up on essentials. China's producer price index rose 0.1% from a year earlier, according to data released by the National Bureau of Statistics on Monday, in line with expectations tipped by a Reuters poll of analysts and reversing a 0.5% drop in December, stated a Reuters report.

China's International Profile Could Stunt, Says Fitch Rating | The coronavirus outbreak could diminish China’s international profile, according to ratings agency Fitch. The two reasons it stated were that China will turn inwards and second, foreigners will turn away, according to a CNBC report. “China’s political priority will be developing a strategy and implementing tactics to confront the virus and its fallout so as to preserve the leadership credentials of the Party. This will be time-consuming and resource-intensive,” James McCormack, global head of sovereign ratings at Fitch, stated. 

Nine Members of Hong Kong Family Infected After Sharing Meal | Nine members of a Hong Kong family were found to be infected with the new coronavirus after sharing a hot pot meal in late January, officials said on Sunday. The family was part of a gathering of 19 who had shared a hot pot meal, in which diners add meat and vegetables to a communal vat of boiling broth, stated a NY Times report.

Hong Kong Medical Workers Want Full Closure of Border With China | Hundreds of Hong Kong medical workers protested in front of the Hospital Authority complex in Kowloon City, for extension of their strike, and demanded full closure of the border with mainland China to protect against the deadly new coronavirus. They also demanded to meet conversation with the management over their demands to have better protective gear for frontline medical workers in light of the coronavirus outbreak on the mainland, said a Reuters report.

WHO Steps Up Efforts Against Coronavirus | Cui Tiankai, the Chinese ambassador to the United States said on Sunday that experts from the World Health Organization will assist with the coronavirus outbreak. The agency’s chief announced hours later that an advance team was  on its way, according to a report by NY Times.

In the spirit of scientific solidarity, 400 of the world’s leading experts will gather this week at @WHO HQ Geneva to prioritize work on all the tools we need, including rapid diagnostics, a vaccine & effective treatments.https://t.co/NNd359dUdk

— Tedros Adhanom Ghebreyesus (@DrTedros) February 9, 2020

Free-falling LNG Prices Wreak Havoc Amid Coronavirus Fears | Record low prices for liquefied natural gas (LNG) are roiling the global gas market, creating havoc as traders rush to find alternative locations for cargoes with Chinese buyers rejecting shipments amid the coronavirus epidemic, stated a Reuters report. Asian spot prices for LNG have already tumbled to troughs of $3 per million British thermal units (mmBtu) - less than half of what they were at the same time last year. At least one cargo bound for India has already traded below $3/mmBtu, down 30 cents within a week, traders said.

China Inflation Rises as Coronavirus Disrupts Supply Chains | China consumer prices rose at their highest rate in more than eight years, official data showed Monday, with inflation more than expected on the back of Lunar New Year demand and a deadly virus outbreak. Beijing had already been battling a slowing domestic economy before the new coronavirus emerged, disrupting businesses, travel and supply chains. The consumer price index (CPI), a key gauge of retail inflation, came in at 5.4 percent last month on-year, up from 4.5 percent in December, with prices of pork and fresh vegetables pushing up costs.Food prices spiked 20.6 percent, stated an AFP report.

Chinese Premier Li Keqiang, who heads a leading group on the prevention and control of the novel coronavirus outbreak, inspects the Institute of Pathogen Biology at the Chinese Academy of Medical Sciences in Beijing. (Reuters)

Coronavirus Worries and US Job Growth Keep Dollar Steady | The dollar held gains on Monday after job market data provided the latest sign of US economic strength, while worries about the coronavirus epidemic kept other trade-exposed currencies subdued. Data on Friday showed US job growth accelerated last month, blowing past estimates, with particular strength in construction - indicating the economy is in decent shape, stated a Reuters report.

Oil Prices Fall as Virus Hits Demand | Oil prices on Monday extended their decline from an early January peak above $70 as the spectre of excess supplies loomed over the market after the spreading coronavirus outbreak hit demand in China, the world's largest oil importer. Worries over supply were not alleviated on Friday when Russia said it need more time to decide on a recommendation from a technical committee that has advised the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut production by a further 600,000 barrels per day.

Disaster Management Team Reaches Quarantined Ship in Japan | Disaster Medical Assistance Team members have now headed to the quarantined ship Princess Diamond in Japan, in which 70 passengers and a crew have been found positive in a new type coronavirus test at Daikoku Wharf in Yokohama, Kanagawa Prefecture, stated a Reuters report.

People Slowly Begin Going Back to Work in China | Workers began trickling back to offices and factories around China on Monday as the government eased some restrictions on work and travel in the wake of the coronavirus epidemic, said a Reuters report. The epidemic has caused huge disruptions in China with usually teeming cities becoming virtual ghost towns during the past two weeks as Communist Party rulers ordered virtual lockdowns, cancelled flights, closed factories and shut schools.

A passenger waves to media before leaving the World Dream cruise ship after a quarantine over concerns of coronavirus infections ended, at the Kai Tak Cruise Terminal in Hong Kong (Reuters/Tyrone Siu)

Passengers of Quarantined Ship 'World Dream' in Hong Kong Allowed to Leave | Thousands of people stuck for four days on a cruise ship called the 'World Dream' in Hong Kong have been allowed to disembark after tests for coronavirus came back negative, stated a BBC report. About 3,600 passengers and crew were quarantined on the ship amid fears that some staff could have contracted the virus on a previous voyage. Chief port health officer Leng Yiu-Hong said all crew members, some 1,800 people, had tested negative for coronavirus, and that everyone would be allowed to disembark without the need to self-quarantine after leaving, according to the report.

Coronavirus Death Toll Rises to 908 in China | The death toll in China due to novel coronavirus epidemic has gone up to 908 and the number of confirmed cases rose over 40,000, Chinese health officials said on Monday. There were 97 deaths and 3,062 new confirmed cases of the lethal infection on Sunday, China's National Health Commission said. Ninety-one deaths were in Hubei province, the epicentre of the epidemic, two in Anhui, and one each in Heilongjiang, Jiangxi, Hainan and Gansu, stated the commission.