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UK News Stocks dive amid deadly virus outbreak in China

12:27  21 january  2020
12:27  21 january  2020 Source:   uk.finance.yahoo.com

China Reports Jump in Deadly Virus Cases, Adding to Fears of Outbreak

  China Reports Jump in Deadly Virus Cases, Adding to Fears of Outbreak BEIJING — The authorities in China reported a third death from a mysterious virus and more than 130 new cases over the weekend, including ones found in Beijing and southern China for the first time. The jump in cases raised questions about how the virus is being transmitted and added to concerns about the spread of the illness ahead of China’s busiest travel season.

An unknown and deadly virus outbreak that originated in Wuhan, China , has left 3 dead and over 200 people ill since it first appeared last month. All reported deaths have been in Wuhan, China .” RELATED: Study Finds Climate Change Causing Fatal Virus to Spread to Marine Mammals Oceans

The outbreak has prompted Singapore and Hong Kong to bring in screening processes for travellers from the city. It comes amid online fears the virus could be linked to Sars, or The potentially deadly , flu-like Sars virus killed more than 700 people around the world in 2002-03, after originating in China .

a man standing in a room: Gabriel Leung, Chair Professor of Public Health Medicine at the Faculty of Medicine at the University of Hong Kong (HKUMed), speaks about the extent of the Wuhan coronavirus outbreak in China during an news conference, in Hong Kong, China, January 21, 2020. REUTERS/Tyrone Siu Gabriel Leung, Chair Professor of Public Health Medicine at the Faculty of Medicine at the University of Hong Kong (HKUMed), speaks about the extent of the Wuhan coronavirus outbreak in China during an news conference, in Hong Kong, China, January 21, 2020. REUTERS/Tyrone Siu

Stocks across Europe sold off on Tuesday after a fourth person died from an outbreak of a new virus spreading rapidly across China.

An 89-year-old man in the Chinese city of Wuhan had died from a new strain of coronavirus, which causes pneumonia, the BBC reported Tuesday.

Over 100 cases of the new strain of coronavirus have been reported across China since early December and China’s health authorities confirmed Monday the virus can spread human-to-human. The World Health Organisation will meet Wednesday to decide wether to declare a public health emergency, according to the BBC.

China virus is 'mutating and adapting' after leaving nine dead

  China virus is 'mutating and adapting' after leaving nine dead The new virus that has killed nine people in China is mutating and adapting as authorities try and control the outbreak, health officials said. The warning came as 440 cases of the coronavirus were confirmed on Wednesday.Another 2,197 cases of close contact with patients had been confirmed and there was evidence of "respiratory transmission" of the virus, National Health Commission vice-minister Li Bin told reporters. © Getty Nine people have died in the new virus outbreak in China Fifteen medical personnel are among those infected in China, with symptoms including fever, coughing and difficulty breathing.

Chinese authorities have sought to contain the outbreak after Japan and Thailand reported cases. In the US, airports in San Francisco, New York and Los Angeles have taken additional measures to prevent the outbreak from spreading Health officials warn of spread of deadly virus in China .

China has confirmed the first examples of the deadly Wuhan Coronavirus spreading from human to human, with medical workers currently among the infected. Nearly 140 new cases have been logged in China amid reports of a third death, officials have said. Two cases have been confirmed in Daxing

Fears about the spread of the deadly virus led investors to sell stocks. The FTSE 100 (^FTSE) dropped 1% in London, the German DAX (^GDAXI) traded down 0.5%, and the CAC 40 (^FCHI) in France lost 1%.

“Fears of an extended outbreak of a new strain of Coronavirus in Asia has been driving moderate risk-off behaviour across the board, especially with markets walking into Chinese New Year at the end of the week, a period well-known for increased cross-border travel,” said Bethel Loh, a macro strategist at ThinkMarkets.

Two Coronavirus cases have been reported in Thailand and one in Japan, according to the World Health Organisation (WHO). Australia has also begun screening passengers flying from China and one man has been quarantined while being tested, the Guardian reported.

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On Saturday, the Chinese Center for Disease Control and Prevention denied claims that the new outbreak is actually Sars (severe acute respiratory syndrome), an outbreak of which killed more than 700 people around the world in 2002 and 2003, after cases were first reported in southern China .

China confirms second death in mystery viral outbreak . Chinese health officials have already confirmed more than 40 cases of pneumonia Officials believe the virus spreads from animals to people, but have yet to rule out the possibility that it spreads from person to person, The

“European airlines and airports stand to bear the brunt of the consequences that result from arguably less consumer demand to fly, use airports, or travel outside of one's home country,” Loh said.

Shares in British Airways-owner IAG (IAG.L) were down 1.8% in London and Lufthansa (LHA.DE) fell 2.1% in Frankfurt. Low-cost carriers EasyJet (EZY.L) and Ryanair (RYA.L) rose after strong results from EasyJet.

InterContinental Hotel Group (IHG.L) was one of the biggest fallers on the FTSE 100, down 3.2%.

Stocks of luxury goods manufacturers were hit hard. China is the biggest luxury goods market in the world and the outbreak may hit demands.

French luxury group Kering (KER.PA), which owns brands like Gucci and Yves Saint Laurent, fell 3.5% in Paris and LVMH (MC.PA), which owns Moet champagne, dropped 2.5%. Burberry (BRBY.L) declined by 3.3% in London.

Google closing China offices amid coronavirus outbreak .
The company is temporarily shutting down its four China offices andThe shutdowns, first reported by The Verge, will affect Google's offices in Hong Kong and Taiwan. The company has also placed temporary travel restrictions on workers flying to China and Hong Kong.

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