by concerns about the financial fallout of the coronavirus. Airline stocks plunged in premarket trading, with Delta, United and American each dropping more than 3.6%. With the coronavirus set to heavily impact China’s tourism industry during a crucial time of year , stock prices for big casino and resort operators also. Shares of Las Vegas Sands fell 7.7%, MGM Resorts by 5.2% and Wynn Resorts by 8.8%. Travel stocks, like Expedia and Marriott International, fell around 4%.
China’s current projected growth rate of 5.9% would be dragged down by from 0.5% to 1% in total, while S&P Global warns that the virus could slice as much as 1.2% off China’s economic growth. that the number of Chinese residents infected with the virus is a good deal larger than cases reported by the government so far. While the impact of the coronavirus on China’s already slowing economy remains to be determined, if comparable to SARS, it could be substantial.
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