Updated Feb 3, 2020 - Economy & Business

China's stocks plunge to 1-year low as coronavirus cases soar

An investor looks at a screen showing stock market movements at a securities company in Hangzhou in China's eastern Zhejiang province on Monday local time. Photo: STR/AFP via Getty Images

The Shanghai Composite lost nearly $370 billion from its market value and fell to a one-year low before easing slightly on Monday, per Reuters calculations.

Driving the news: Investors are concerned about the global impact of the deadly coronavirus outbreak, AP notes.

  • China's central bank announced earlier Monday it would "pump 1.2 trillion yuan (US$174 billion) into financial markets" in an attempt to ease volatility as trading reopened following the Lunar New Year holiday, the South China Morning Post reports.

The big picture: The market eased slightly at lunchtime in central China, but stocks were still down by nearly 8%.

Editor's note: This article has been updated with new details throughout.

Go deeper: What's happening with the coronavirus

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Podcast: Trump vs. Twitter, round two

President Trump is escalating his response to Twitter’s fact check of his recent tweets about mail-in voting, issuing an executive order that's designed to begin limiting social media's liability protections. Dan digs in with Axios' Margaret Harding McGill.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 5,731,837 — Total deaths: 356,606 — Total recoveries — 2,376,542Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 1,703,989 — Total deaths: 100,651 — Total recoveries: 391,508 — Total tested: 15,192,481Map.
  3. Congress: Pelosi slams McConnell on stimulus delay — Sen. Tim Kaine and wife test positive for coronavirus antibodies.
  4. Business: U.S. GDP drop revised lower to 5% in the first quarter — 2.1 million Americans filed for unemployment last week.
  5. States: New York to allow private businesses to deny entry to customers without masks.
  6. ⚽️ Sports: English Premier League set to return June 17.
  7. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 1 hour ago - Politics & Policy

Mark Zuckerberg: Social networks should not be "the arbiter of truth"

Photo: Drew Angerer/Getty Images

Facebook CEO Mark Zuckerberg argued on CNBC's "Squawk Box" Thursday that social media platforms should not police political speech, and that "people should be able to see what politicians say.”

Why it matters: Zuckerberg was responding to Twitter's decision this week to fact-check a pair of President Trump's tweets that claimed that mail-in ballots are "substantially fraudulent." Twitter's label, which directs users to "get the facts" about mail-in voting, does not censor Trump's tweets.