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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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 21,243,513 — Total deaths: 766,488— Total recoveries: 13,272,162Map.
  2. U.S.: Total confirmed cases as of 10 a.m ET: 5,314,814 — Total deaths: 168,462 — Total recoveries: 1,796,326 — Total tests: 65,676,624Map.
  3. Health: The coronavirus-connected heart ailment that could lead to sudden death in athletes.
  4. States: New York to reopen gyms, bowling alleys, museums.
  5. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  6. Politics: Biden signals fall strategy with new ads.

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Vice presidential hopeful Sen. Kamala Harris (D-Calif.) Photo: Drew Angerer/Getty Images

When Democrats next week formally nominate the daughter of an Indian immigrant to be vice president, it'll be perhaps the biggest leap yet in the Indian American community's rapid ascent into a powerful political force.

Why it matters: Indian Americans are one of the fastest-growing, wealthiest and most educated demographic groups in the U.S. Politicians work harder every year to woo them. And in Kamala Harris, they'll be represented in a major-party presidential campaign for the first time.

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Illustration: Annelise Capossela/Axios

Cardiologists are increasingly concerned that coronavirus infections could cause heart complications that lead to sudden cardiac death in athletes.

Why it matters: Even if just a tiny percentage of COVID-19 cases lead to major cardiac conditions, the sheer scope of the pandemic raises the risk for those who regularly conduct the toughest physical activity — including amateurs who might be less aware of the danger.