Oil prices, a barometer of the expected impact of the virus on the world’s economy, resumed their slide. Brent crude LCOc1 shed a percentage point and has dropped 10% since Jan 20.
“China is the kingpin of the global commodities market,” ING economists said in a note. “The longer factories remain closed, travel restricted and construction stalled, the larger the ramifications.”Most analysts have looked to the impact from the 2002-2003 spread of Severe Acute Respiratory Syndrome , which killed 800 people and pounded tourism and confidence, albeit briefly.
Citi expects China’s 2020 growth to slow to 5.5% because of the virus, after previously predicting it to be 5.8%, with the sharpest slowdown this quarter. That is even more bearish than J.P. Morgan and ING economists, who foresee a slowdown to 5.6.
Criminal behavior from AirChina coronavirus CoronavirusOutbreak They refuse to cancel their flights trough China while all other airlines have. Willfully putting the general population in danger and leaving customers distressed to fend for themselves. airchina AirChinaNA
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