Jan 23, 2020

Chinese traders dump stocks from Wuhan amid coronavirus outbreak

A man wearing a mask while walking in the streets of Wuhan on Jan. 22. Photo: Getty Images

Global equity prices have largely bounced back from the selloff after the first reports of the coronavirus outbreak in China, but traders are still punishing companies tied to Wuhan, China, the city at the center of the outbreak.

What happened: "Wuhan Department Store Group, which operates several malls in Wuhan, lost 3.1% to head for a weekly drop of 16%. Hubei Heyuan Gas Co., which generates all of its revenue from Hubei province, extended its two-day drop to 10%, the biggest on record," Bloomberg reports.

  • "Decliners also include transport firms such as Wuhan Sante Cableways Group Co., which runs passenger cable cars, and Chang Jiang Shipping Group Phoenix Co., which offers freight shipping services on China’s rivers."

The big picture: China suspended bus and subway lines in the city and closed outbound channels at train stations and airports, effectively shutting the city, as the death toll from the outbreak rose to 17, state newspaper Global Times reported.

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Coronavirus fears start to weigh on global business, stock markets

Photo: KAZUHIRO NOGI/AFP via Getty Images

Worry about the Wuhan coronavirus is beginning to have a serious effect on business as new cases are discovered worldwide and China ramps up efforts to contain its spread.

What's happening: China extended its Lunar New Year holiday until Feb. 2 from Jan. 30, to help deal with the outbreak, as the country's death toll rose to 80 and the number of confirmed cases reached upwards of 2,700.

Go deeperArrowJan 27, 2020

Hong Kong cuts rail links to mainland China due to coronavirus

A woman wears a protective mask as she walks across the Yangtze River Bridge in Wuhan, China, on Jan. 27. Photo: Getty Images

106 people have died from an outbreak of a coronavirus strain that originated in Wuhan, China, the country's National Health Commission said on Monday.

The latest: Hong Kong's Chief Executive Carrie Lam said Tuesday that the semiautonomous city would cut its rail links to mainland China and flights would be reduced, though the measures stopped short of a total closure of the border, per the AP.

Go deeperArrowUpdated Jan 28, 2020

Coronavirus updates: California monitors 8,400 potential cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,800 people and infected over 82,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 2 hours ago - Health