Markets are reeling again on Thursday, after the U.S. reported its first coronavirus case involving a person who didn’t travel to an infected country, and didn’t knowingly interact with someone who did. Experts are becoming increasingly resigned to a worldwide spread of the disease, even as China’s new infections slow.
While it expects a rebound in the subsequent quarters, it warned the “community spread” aspect reported on Wednesday was not built into current assumptions: Tesla’s stock is tumbling by over 8% and Apple is down by nearly 6%, in what’s shaping up to be another ugly day on Wall Street. It underscores the risks associated with a multinational that is heavily reliant on China for manufacturing and demand: Both companies have major production facilities in the Middle Kingdom, and for Apple, China is a big market for iPhones.9:55 a.m.
Nevertheless, it is important to stress that the latest available economic activity data mostly only cover January, so they do not reflect the full impact of any supply chain-related disruption stemming from the outbreak in China. Furthermore, there is no way our models can incorporate the risk of a widespread coronavirus outbreak in the US which, just like it appears to have done in China, would almost inevitably cause a recession.9:30 a.m.
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