Communist Party Secretary of China's Wuhan says the risk of coronavirus resurgence in city still high

The Communist Party Secretary of China's Wuhan says the risk of coronavirus resurgence in city still high.

Key comments

• Says risk of coronavirus resurgence in city still high.
• Must guide residents to strengthen self-protection.
• Says residents of city should avoid going out if not necessary.
• Must guide residents to strengthen self-protection.

The battle against COVID-19 goes on, a disease caused by a previously unknown coronavirus that has spread to over 200 countries and regions. The number of confirmed COVID-19 cases worldwide has risen above 1 million, according to the new tally from Johns Hopkins University overnight.

The tally updated by the university's Center for Systems Science and Engineering showed a total of 1,002,159 people have been diagnosed with the novel coronavirus across the world, with a death toll of 51,485, while more than 200,000 patients have recovered.

Market implications

Ris-off, there are no two ways about it. If China sees a resurgence of COVID-19, markets will be en route to the GFC lows. The world economy will be headed into a depression if it is locked-down for months on end. Humanity has no other defence against COVID-19 but to stay locked-down until a cure and, more importantly, a vaccine is resolved.