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China prisons, Korean church spread coronavirus woes as fears weigh on global markets, US business

US stocks fell, and the NASDAQ was hit with its biggest percentage decline in about three weeks, after data showed US business activity stalled in February.

State television quoted Communist Party rulers as saying the outbreak had not yet peaked amid a jump in cases in a hospital in Beijing.China has reported a total of 75,567 cases of the virus to the World Health Organization including 2,239 deaths.US activity in the manufacturing and services sectors stalled over growing concern of the potential toll of the virus, a survey of purchasing managers showed on Friday.

The outbreak may curb demand for oil in China and other Asian countries, depressing prices to as low as $57 a barrel and clouding growth prospects across the Middle East, the Institute of International Finance said. “There still is a chance we can focus principally on containment, but it’s getting harder because we’re getting secondary chains of transmission in other countries now,” said Dr. William Schaffner, a US infectious disease expert from Vanderbilt University.The spike in cases in jails in the northern province of Shandong and Zhejiang in the east made up most of the 258 newly confirmed Chinese infections outside Hubei province on Friday.

South Korea is the latest hot spot with 100 new cases doubling its total to 204, most in Daegu, a city of 2.5 million, where scores were infected in what authorities called a “super-spreading event” at a church, traced to an infected 61-year-old woman who attended services.

 

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