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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Political world reacts to Biden tapping Kamala Harris as running mate

Sen. Kamala Harris and Joe Biden at a campaign event in March. Photo: JEFF KOWALSKY/AFP via Getty Images

Democrats from across the party — including some of the women on Joe Biden's vice-presidential shortlist — are championing his historic appointment of Sen. Kamala Harris as his running mate.

What they're saying: "Joe Biden nailed this decision," former President Barack Obama wrote in a lengthy statement. "By choosing Senator Kamala Harris as America’s next vice president, he’s underscored his own judgment and character. Reality shows us that these attributes are not optional in a president."

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 20,166,415 — Total deaths: 738,266 — Total recoveries: 12,388,925Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,124,050 — Total deaths: 164,329 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. States: Florida reports another daily record for deaths State testing plans fall short of demand.
  4. Axios-Ipsos poll: 1 in 2 has a personal connection to COVID-19.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. 🏈 Sports: Big Ten scraps fall football season.
Updated 1 hour ago - Sports

PAC-12 and Big Ten postpone fall sports due to coronavirus

Photo: Joe Robbins/Getty Images

The Big Ten and Pac-12 announced Tuesday that they've voted to postpone their 2020 fall sports seasons, including football, due to risks posed by the coronavirus pandemic, hoping instead to play in the spring.

Why it matters: The move from two of the most prominent conferences in college sports will almost certainly prompt other Power Five leagues to follow suit.