index fell as much as 9.1% for its worst tumble in nearly 13 years as contingencies for curbing the Wuhan virus prompted factory shutdowns and several travel bans. Chinese markets had been closed since January 23 for an extended Lunar New Year holiday. The Shanghai index pared some losses in Tuesday trading.
The outbreak is set to knock 1.6 percentage points from China's first-quarter gross domestic product, but global economic growth, Goldman Sachs wrote in a Monday note. Weaker spending from Chinese tourists and decreased exports to the country will spill over into Thailand, Taiwan, and Korea in the near term, the bank added.
White House economic adviser Larry Kudlow noted on Tuesday that the outbreak could curb US exports planned for China. The purchases are a key element of the phase-one trade deal signed in January, and slower-than-expected buying activity
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