A man wearing protective mask uses his phone as he walks on a pedestrian bridge, following the outbreak of the new coronavirus in China, in Jakartabut that doesn't mean they won't be substantial, according to Goldman Sachs.
Zach Pandl, a Goldman analyst, wrote that the number of missed work days in China will be roughly equivalent to "the entire US workforce taking an unplanned break for two months." Fear returned to US equities Thursday as China announced a whopping 15,000 additional cases of coronavirus overnight. That's according to Goldman Sachs analyst Zach Pandl, who wrote in a Thursday note that the hit to first-quarter global growth as a result of coronavirus will be 10 times larger than a major US hurricane.
"Although ultimately temporary, uncertainty about the economic effects of the outbreak will remain high for some time," Pandl wrote, adding: "It's important to stress just how large of a disruption to business activity the virus has caused." Exacerbating uncertainty is a data calendar not set to release new macroeconomic numbers until the end of next week, Pandl wrote, adding that some important Chinese data will not hit until mid-March. That spells risk for markets this quarter, especially considering high valuations in equities.
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