China stocks plunge after authorities lock down Wuhan to contain the deadly coronavirus

China stock trader

The Shanghai Composite Index and the Hang Seng plummeted on Thursday.
Traders sell on virus outbreak fears before markets close for the Chinese New Year holiday.
Visit Business Insider for more stories.

Stocks in China plunged on Thursday as Chinese authorities locked down three cities, halted transportation, and shuttered businesses in a bid to contain the fast-spreading coronavirus that has already infected close to 600 people and killed 17.

In China, the Shanghai Composite slumped 2.8% and the SZSE Component dropped 3.5%. Similarly, Hong Kong’s Hang Seng fell 1.5% and Japan’s Nikkei fell 1%.

Traders rushed to sell before markets close for the Chinese New Year holiday.

Airline stocks lost altitude with Air China down 4.4%, China Eastern Airlines down 3.4%, and China Southern Airlines down 3.7%. Media stocks also suffered with Wanda Film down 7% and Beijing Enlight Media down 5%.

Healthcare stocks soared as investors anticipated higher demand for drugs, masks, and other medical products. Shandong Lukang Pharmaceutical, Jiangsu Sihuan Bioengineering, and Jiangsu Lianhua Pharmaceutical jumped by 10%, their daily limit.

“The sectors most likely to be impacted are tourism, retail sales, and airlines,” Seema Shah, chief strategist at Principal Global Investors, said in a morning note. “Healthcare and pharmaceuticals are clear beneficiaries.”

Chinese authorities locked down Wuhan, the city at the center of the outbreak, canceling outbound trains and flights and halting public transportation. They also locked down Huanggang and Ezhou, two cities with about 7.5 million and 1 million residents each, according to the Wall Street Journal.

In Huanggang, authorities shuttered cinemas and internet cafes, closed a central market, and introduced inspections of people and cars entering and leaving the city center, the Journal reported. Ezhou plans to roll out similar restrictions, the newspaper said.

Analysts fear the virus could spread farther this weekend as hundreds of millions of Chinese travel to celebrate the Lunar New Year.

Join the conversation about this story »

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the ‘3rd wave’ firms that are leading the next round of tech disruption

…read more

Source:: Business Insider

      

Why women live longer than men

Credits

Jekatarinka/Shutterstock

An epidemiologist explains the reason behind the difference in life expectancy

In Depth

Thursday, January 23, 2020 – 12:08pm

Ask your smartphone how to drive from Copenhagen to Berlin and it will give you an estimate of how long the trip will take, based on current traffic. If there is a traffic jam in Hamburg, say, the extra time this traffic jam takes will be included in the estimate. But, of course, you are not at all the points of your journey now. Rather, you’ll be in Copenhagen first, then at Odense, then Kolding, and so forth. By the time you get to Hamburg, there may no longer be a traffic jam. The estimate your smartphone gave you will be off. Life expectancy is calculated in much the same way.

See related

Can humans continue to live longer? Why is UK life expectancy falling? Why more young men are dying in the North than South

Life expectancy in 2019 is calculated using the chances of survival for all ages in 2019: those who turned 70 in 2019, those who turned 69 in 2019, those who turned 71 … you get the point. But nobody actually has all their birthdays in 2019. People have at most one birthday a year (less than one for some of those who died that year and those born on February 29). Since I turned 35 in 2019, why should the 2019 chances of survival for a 70-year-old matter to me? By the time I turn 70, the world will have changed. The estimate will be off.

But your smartphone also tells you something like “31 minutes extra travel time due to a traffic jam”. With this information, you can guess how long the trip will take assuming that the traffic jam will be resolved by the time you get there: just subtract those …read more

Source:: The Week – All news

      

Protected with GEO protection plugin