Singapore — Asian stocks and currencies fell on Thursday as the death toll from a new virus spreading in China rose and more cases were reported around the world.
Japan’s Nikkei dropped 2%. Hong Kong’s Hang Seng fell 1.7% and has lost more than 8% in the 10 days since the spread of the virus roiled markets. China’s National Health Commission said on Thursday the total number of confirmed deaths from the coronavirus in the country climbed to 170 as of late Wednesday and the number of infected patients rose to 7,711.
“The Fed, like everybody else, is going to have a tough time quantifying the scale of the potentially large shock emanating out of China.” “The SARS episode in 2003 suggests that the shock could lead to a large impact on economic activity, especially as the fear factor could restrict people's mobility,” JP Morgan analysts wrote.
China’s yuan, which had steadied on Wednesday, was again falling — dropping 0.2% to 6.9871/$ along with other trade-exposed currencies in the region.
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