A security guard stands at the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China,as the country is hit by an outbreak of a new coronavirus February 3, 2020. — Reuters pic
Leading carriers have cancelled all their flights to China including Air Canada, Air France-KLM, American Airlines, British Airways, Delta, Finnair, Lufthansa, United Airlines and Virgin Atlantic. Paris department stores, a de rigueur stop for Chinese tour groups, are unusually quiet, and luxury brands in Europe are growing more worried after protests in Hong Kong had already hit their performance in greater China.
That could affect global supply chains for tech companies that rely on Foxconn to assemble everything from Apple’s iPhones to flat-screen TVs and laptops. Chinese telecoms groups such as Huawei and ZTE say they will take precautionary measures and limit their presence at the February 24-27 conference in Barcelona.Wuhan, the central Chinese city that is ground zero of the outbreak, is a hub for foreign carmakers from the United States, Europe, Japan and South Korea.
Electric car pioneer Tesla says the virus could delay a planned acceleration of production at its giant new factory in Shanghai, and potentially affect earnings this quarter.Mainland China is the second-biggest market of US coffee chain Starbucks, with more than 4,000 outlets. Half of them have been closed by the outbreak.
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