Fatalities Top 360 as China Returns From Holiday: Virus Update
China tried to come to grips with the expanding coronavirus outbreak, with the death toll climbing as residents returned from the Lunar New Year holidays.
Chinese stocks plunged the most since 2015 and commodity markets collapsed as trading resumed from the break. U.S. equity futures rose as Chinaʼs government pledged $21.7 billion in liquidity.
Global efforts to contain the virus escalated as the Philippines reported the first death outside of China and the U.S. confirmed more infections. Airlines in Asia, Europe and the Middle East stopped service to the mainland, while the U.S. began limiting the entry of travelers from China.
Virus Is Most Deadly in Hubei Province
The number of official cases from the coronavirus is still highly concentrated in Hubei province. Of the 17,205 confirmed infections in mainland China so far, 65% are in Hubei, where the outbreak originated and where residents are in effective lockdown because of travel restrictions.
The virus also appears to be more deadly in Hubei, accounting for 97% of the 361 total deaths reported in the country.
The mortality rate is likely being magnified in Hubei because of the strains on the provinceʼs health system. Hospitals and clinics are inundated with hundreds of severely ill patients, with overworked staff hampered by a shortage of testing kits.
The situation suggests the true number of infections in Hubei may be even higher than whatʼs been officially reported. Other regions outside of Hubei, meanwhile, have an easier time monitoring a smaller number of patients.
About 300 Chinese Stranded in Manila Airport
The Philippines said around 300 Chinese nationals are stranded in its main airport after the government barred their entry and airlines canceled flights to contain the spread of the coronavirus.
China plans to send special flights to Manila to fetch its nationals, Bureau of Immigration spokeswoman Dana Sandoval said in a briefing on Monday, citing information from the Chinese embassy in Manila. Other foreigners who were denied entry flew to other countries, she said.
Local carriers Philippine Airlines Inc., Cebu Air Inc. and AirAsia Groupʼs local unit have temporarily canceled flights to China and its special administrative regions.
China Sees Temporary Hit on Virus: NDRC
The impact from the coronavirus outbreak on Chinaʼs consumption is getting worse, especially on transport, tourism and the movie box office, according to Lian Weiliang, vice chairman of the National Development and Reform Commission.
But the economic hit from the coronavirus outbreak is temporary, Lian said at a briefing in Beijing. He said China will encourage big projects to resume if possible, while the country will ensure the stability of prices and prevent a shortage of necessities.
China still needs to focus on resuming production of test kits and face masks, Ministry of Industry and Information Technology official Tian Yulong said at the briefing. The countryʼs health-care system is being strained by a shortage of kits and overworked hospital staff.
U.S. Reports Additional Cases
California confirmed two new cases of coronavirus in San Benito County, bringing the total of infected patients in the U.S. to 11.
The two cases are a married couple, one of whom traveled to China. This marks the first instance of close household person-to-person transmission of the virus in the state, according to the California Department of Public Health.
Earlier Sunday, Santa Claraʼs public health department reported an additional coronavirus patient. The woman had traveled to Wuhan and visited the U.S. on Jan. 23. Itʼs the second case in the county, which is just south of San Francisco. A man tested positive for the virus last week. The health department said the two cases are not related.
Hong Kong Firms May Get Earnings Reprieve
Hong Kong listed companies may be allowed to delay releasing annual earnings beyond the end-of-March deadline as the deadly virus outbreak and travel restrictions make it difficult to complete and verify accounts, according to three people familiar with the matter.
One solution proposed is that companies with a December year-end could apply for a waiver on releasing their annual result, the people said. In mainland China, the Peopleʼs Bank of China announced over the weekend that listed companies and bond issuers could apply for a one-month extension to April 30.
Separately, another solution could be to allow companies to release unaudited reports by the deadline, according to the people. A final decision on what approach to take hasnʼt been made yet, said the people.
Chinese Stocks, Commodities Plummet as Markets Reopen
Chinese stocks plummeted the most since an equity bubble burst in 2015, with the CSI 300 Index dropping as much as 9.1%, as onshore financial markets opened for the first time since Jan. 23.
Chinaʼs three major commodity exchanges were hit by a wave of selling as investors returned to markets gripped by fear over the impact the coronavirus will have on demand in the worldʼs biggest consumer of raw materials. Chinaʼs benchmark iron ore contract fell by its daily limit of 8%, while copper, crude and palm oil also sank by the maximum allowed.
China reduced rates as it injected cash into the financial system, with the central bank seeking to ensure ample liquidity as markets plunge. It cut borrowing costs on the funds by 10 basis points.
China Virus Cases Climb Above 17,000
Chinaʼs death toll increased by 57 to reach 361 as of Feb. 2, according to a statement from the Ministry of Health. Total confirmed infections climbed to 17,205, with the addition of 2,829 cases in the past 24 hours. There are 2,296 severe cases, the ministry said.
Hubei province, at the center of the coronavirus epidemic, reported another 56 deaths. Infections there rose by 2,103 — and now total 11,177, officials said.
U.S. Adds Airports for Virus Screening
The U.S. expanded to 11 the number of airports accepting flights carrying citizens who visited China. The airports will conduct enhanced screening for possible coronavirus symptoms, as part of new restrictions that took effect Sunday to stem the outbreak.
The Transportation Security Administration said airports in Dallas, Detroit, Newark and Washington will accept flights starting Monday. Previously, flights with passengers who visited China were being sent only to Atlanta, Chicago, Honolulu, Los Angeles, New York, San Francisco and Seattle.
Trump on Virus: U.S. ‘Shut It Downʼ
President Donald Trump said the U.S. has offered China help with the outbreak, but that steps have been taken to prevent the coronavirus from entering the country.
“We pretty much shut it down coming in from China,” he said on Fox TVʼs Super Bowl pregame broadcast. “Weʼve offered China help, but we canʼt have thousands of people coming in who may have this problem, the coronavirus. So weʼre gonna see what happens, but we did shut it down, yes.”
Bangkok, Hong Kong Most at Risk
Bangkok and Hong Kong are most at-risk from the spread of coronavirus based on air travelers expected to arrive from affected cities in China, population mapping experts at the University of Southampton concluded. Taipei ranked third.
Sydney is 12th, New York 16th and London 19th among 30 major cities, the researchers said. Thailand and Japan are the most at-risk countries, followed by the U.S. (6th), Australia (10th) and U.K. (17th).
The research is based 2013-15 data on typical patterns of movement by people in China during the long Lunar New Year celebrations, including the public holiday that was extended a week ago.
U.S. Offer Unanswered by China
The U.S. offered top public health experts to help China with the coronavirus outbreak, but so far Beijing hasnʼt responded, National Security Adviser Robert OʼBrien said Sunday.
“This is a worldwide concern — we want to help our Chinese colleagues if we can,” OʼBrien said on CBS, noting the Centers for Disease Control and Prevention and the National Institutes of Health are world-class organizations. “Weʼve made the offer and weʼll see if they accept.”
So far, Chinese health officials are providing information and the U.S. is “taking that for what itʼs worth, but at the same time weʼre monitoring ourselves,” he said on “Face the Nation.”
WHO Takes on Virus Rumors
The World Health Organization highlighted “myths and rumors” tied to the outbreak in its daily situation report, saying that itʼs making available public health information and advice, including “myth-busters,” on Twitter and other social media channels along with its website.
Researchers and journalists have documented an expanding number of cases of misinformation about the virus, ranging from racist explanations for the diseaseʼs origin to false claims about miracle cures.
G-7 Leaders Mull Coordination
Leaders of the Group of Seven nations are in talks to coordinate their response to the coronavirus outbreak, Germany Health Minister Jens Spahn said Sunday, according to Handelsblatt.
Spahn said he had spoken with a U.S. health official, by phone, and they had decided on the need for a telephone conference of G-7 health ministers. Spahn said: “There is no point in one country taking action alone, especially not in Europe.”
— With assistance by Steve Geimann, Alfred Liu, Miaojung Lin, Debby Wu, Abeer Abu Omar, Sara Marley, Helene Fouquet, Charlie Zhu, Miao Han, Kiuyan Wong, Jason Gale, and Claire Jiao