People in Shenzhen, China, waiting at a train station on Jan. 22. Photo: Costfoto/Barcroft Media via Getty Images

The U.S. and Hong Kong both announced the first confirmed cases of coronavirus, and China's National Health Commission said the death toll from the virus has risen to nine, with 440 confirmed cases across 13 provinces.

Why it matters: "There's no question that economic activity in Asia will be affected as we head into one of the busiest travel weeks in China," BK Asset Management managing director of FX strategy Kathy Lien wrote in a note to clients late Tuesday.

  • With China's Lunar New Year holiday approaching, analysts at Goldman Sachs say that based on the damage from the SARS scare in 2003, a sustained outbreak could cut global GDP by significantly more than the 0.15% drop attributed to that outbreak.
  • "If the virus is not contained, the impact on consumer confidence could be significant," Lien said.

The big picture: The coronavirus could negatively impact markets from currencies to oil, as declining air travel and sentiment weaken demand across industries.

  • Goldman's commodities research team estimates that under conditions similar to 2003, oil prices could see negative shocks leading to a $3 per barrel decline, "although the initial high uncertainty could lead to a larger sell-off, as was the case in March 2003."
  • "These volumes are roughly 1.6x times larger than in 2003 given Asia’s significantly higher contribution to global growth and jet fuel demand."

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"Anonymous" senior Trump official revealed as ex-DHS chief of staff Miles Taylor

Miles Taylor in a Republican Voters Against Trump ad. Screenshot via YouTube

Former Department of Homeland Security chief of staff Miles Taylor on Wednesday publicly claimed to be the author of the anonymous New York Times op-ed that described a "resistance" within the Trump administration working to thwart President Trump's agenda.

Why it matters: Taylor already publicly endorsed Joe Biden in a video funded by Republican Voters Against Trump in August, accusing the president of wanting to "exploit the Department of Homeland Security for his own political purposes and to fuel his own agenda."

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
  2. Health: Surge "is real" and not just caused by more tests, Trump's testing czar saysMask mandates help control rise in hospitalizations Some coronavirus survivors have "autoantibodies."
  3. Business: Surge is sinking consumer confidence Testing is a windfall.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. World: Germany to close bars and restaurants for a month Putin mandates face masks.

Parties trade election influence accusations at Big Tech hearing

Photo: Michael Reynolds/Pool/AFP via Getty Images

A Senate hearing Wednesday with Big Tech CEOs became the backdrop for Democrats and Republicans to swap accusations of inappropriate electioneering.

Why it matters: Once staid tech policy debates are quickly becoming a major focal point of American culture and political wars, as both parties fret about the impact of massive social networks being the new public square.