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The Coronavirus rattles stock markets - who is getting hit?

27 January 2020 6:42 PM
Tags:
China
Corona
Coronavirus
Acute Respiratory Syndrome (SARS)
stocks slide
US stocks slide and oil tumbles in the wake of a coronavirus outbreak in China, causing fears of a slowdown in the Chinese economy.

Fears over the continued spread of the coronavirus have hit the financial markets.

The virus has so far killed 81 people in China.

Chinese authorities have confirmed that health workers have been infected, suggesting that human-to-human transmission is possible.

There are more people with TB in a single South African city than people with the coronavirus in China - why are we so afraid of a virus in China?

It's deeply scary. In 2003 I Was in China at the height of the SARS-epidemic; this is all déjà vu. It rapidly spread to Asia. This could be equal and even worse than 17 years ago. Almost 3000 reported cases. It's of great concern.

Dr Martyn Davies, Managing Director of Emerging Markets & Africa - Deloitte

The flows of merchandise, people, capital trade. The global markets are reacting, even oil prices started to drop out of fear of a growth rate slowdown in China. China is the world's most populated country...we've got a movement of millions of people leading up to the Chinese New Year at the same time this virus started to spread. There is a significant potential of infections if so many millions move around Asia. This could spread because of China's global connectiveness, hence the deserved concern.

Dr Martyn Davies, Managing Director of Emerging Markets & Africa - Deloitte

I've seen pictures of deserted streets, transportation literally halved. Also pictures of the military moving in dumping rock and soil at road intersections to prevent people from moving out. The Chinese clearly remembered what happened in 2003. There is a real palpable fear in China currently.

Dr Martyn Davies, Managing Director of Emerging Markets & Africa - Deloitte

Listen to the full interview below.

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27 January 2020 6:42 PM
Tags:
China
Corona
Coronavirus
Acute Respiratory Syndrome (SARS)
stocks slide

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