The World Health Organization (WHO) reported that the outbreak of the coronavirus or COVID-19 disease had reached its summit in China.
The recorded death toll reached roughly 2,700. Besides, the total infected cases tallied to 80,000.
The WHO cautioned that all territories worldwide should get ready for a possible coronavirus pandemic.
Meanwhile, some markets and economic analysts remark that they do not think that the disease outbreak is a serious one.
Michael Hewson is the head market analyst for London-based CMC Markets UK.
He said that flu epidemics are common occurrences. They take place annually, the market analyst added.
Hewson relayed that the WHO said that flu causes 650,000 deaths yearly. With this number, he said that he finds today’s markets as merely overreacting to the coronavirus issue.
He pointed to it as just affecting only a fraction of WHO’s statistics.
Aside from Hewson, David Wong is another finance professional who is looking past the risks posed by the ongoing healthcare crisis.
Wong is a Hong Kong-based investment strategist who works at AllianceBernstein.
He remarked that the coronavirus epidemic would not cause detrimental risks to the international economy.
Wong pointed out that the truce in the trade battle between the United States and China would ultimately deliver more advantages to the global economy instead.
Plus, he relayed that the focus should be on the benefits of international quantitative easing. It is because this is another factor that offers more upsides to the worldwide economy, Wong remarked.
Various market and economic analysts had also explained that the latest losses in the financial markets would deliver a favorable purchasing opportunity.
They also view that economic outlook could improve as they look past the coronavirus dilemma.
In markets across Asia, Taipei’s Taiwan Capitalization Weighted Stock Index surged by 0.1 percent, as per the Philippine daily newspaper The Manila Times.
Moreover, the FTSE Straits Times Index of Singapore added 0.6 percent. Hong Kong’s Hang Seng Index also got positive gains. It added 0.3 percent.
The Korea Composite Stock Price Index (KOSPI) of Seoul increased by 1.2 percent on Monday.
The KOSPI had reportedly plummeted by nearly four percent. This incident was reportedly a reaction to the stream of coronavirus infections reported over the weekend in South Korea.
On the other hand, Tokyo’s Nikkei 225 Stock Average spearheaded the losses. This latest event took place as the Asian markets re-opened and played catch-up with the international sell-off on Monday.
The Japanese stock market index finished over three-percent lower. Furthermore, Wellington’s NZX 50 Index and Sydney’s ASX 200 each shed over 1 percent.
Shanghai’s SSE Composite Index also plummeted. It recorded a 0.6-percent plunge. Plus, there were also losses registered in Jakarta’s IDX Composite and Bangkok’s SET Index.
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