Virus Fears Send Wall Street Down After UK Finance Minister Quits
Sumaira FH 11 days ago Fri 14th February 2020 | 10:00 AM
New York, (UrduPoint / Pakistan Point News - 14th Feb, 2020 ) :Renewed concerns over the virus epidemic in China sent Wall Street into the red on Thursday, while London's stock market slid after UK finance minister Sajid Javid abruptly quit Prime Minister Boris Johnson's government.
After Chinese authorities changed the way they count infections from the coronavirus -- officially named COVID-19 -- the nationwide death toll from the outbreak in the world's second- largest economy jumped to 1,355 and the infection count to nearly 60,000.
Japan also reported its first death, while Vietnam placed some 10,000 people under quarantine after six COVID-19 cases were discovered in a cluster of villages.
"There is a lot of uncertainties around the coronavirus. I don't think anyone really knows the severity or the potential escalation or de-escalation of it," said Nate Thooft of Manulife Asset Management.
China has been praised by the World Health Organization (WHO) for its transparent handling of the outbreak.
In Britain, Javid's resignation sent London's benchmark FTSE 100 index down at the close one percent as other major European markets posted narrower losses over fears about the epidemic's global economic impact.
"The news caught traders by surprise. Sterling has the biggest reaction to the news -- it initially sold-off, but it since recovered all the lost ground and is now back above the pre-announcement level," CMC Markets UK analyst David Madden told AFP.
United Airlines and American Airlines, which both halted flights to China due to the outbreak, saw their shares decline by about 1.2 percent.