China reports 508 new cases of coronavirus on 24th vs 409 and 71 deaths vs 150 on Feb 23rd

Ross J Burland FXStreet

China reports 508 new cases of coronavirus on 24th bs 409 and 71 deaths vs 150 on Feb 23rd. China's Hubei province, epicentre of coronavirus outbreak, reports 499 new cases on Feb 24 vs 398 on Feb 23.

Key notes

China reports 71 new coronavirus deaths on mainland on Feb 24 vs 150 on Feb 23.
China's total number of confirmed coronavirus cases on mainland hits 77,658 as of end-Feb 24.
China's total number of coronavirus deaths on mainland reaches 2,663 as of end-Feb 24.
China reports 508 new confirmed cases of coronavirus on mainland on Feb 24 vs 409 on Feb 23.
China's Hubei province, epicentre of coronavirus outbreak, reports 499 new cases on Feb 24 vs 398 on Feb 23.
China's Hubei province, epicentre of coronavirus outbreak, reports 68 new deaths on Feb 24 vs 149 on Feb 23.
the death toll from coronavirus outbreak in china's Hubei at 2,563 as of end-Feb 24.

Market implications

Overnight, we saw a bloodbath in European and US markets following the weekend's news of the spread of the coronavirus. On Wall Sreet, we saw the second-biggest daily point drop for the Dow Jones Industrial Average, or the DJIA, in its 124-year history. Monday’s selloff marks the first time all three major benchmarks each fell by at least 3% on the same day since December 4th, 2018.

However, the good news here is that mainland regions outside Hubei report 9 new infections, a single-digit increase for the first time in weeks.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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