Updated on February 26, 2020
U.S. stocks sold off strongly on Tuesday for the second consecutive day as traders remained fearful that the coronavirus would become a pandemic. Asian indexes were broadly lower on Wednesday, though without the severe losses seen on Wall Street.
Several countries have started to ban travelers from South Korea due to the increase in cases in the country. Among the countries barring entry to people who have been in South Korea are Vietnam, the Philippines, and Singapore. The United Arab Emirates has announced that it will be carefully monitoring all people entering the country, after its neighbor, Iran, announced upwards of 90 cases, and 16 deaths, the highest numbers outside of China to date.
Early Wednesday morning Chinese health officials reported 406 new diagnoses of the virus and 52 new deaths on Tuesday, February 25. 401 of the new cases were in the Hubei province.
Hong Kong reported a record budget deficit on Wednesday and renewed its commitment to helping residents with financial stimulus. The deficit was caused largely by the protests in the region as well as coronavirus fears and the slow of business in the area. The stimulus is expected to help companies and private households, but is not expected to stop the economic downturn, which is expected to get worse before a real recovery begins.
Updated February 25, 2020
Global markets were broadly lower on Tuesday, February 24, after a slew of new cases of coronavirus was announced around the world. Iran reported that 61 people have been infected, and that 12 have died from the lethal virus. South Korea reported 60 new cases, bringing the total of infections in the country to 893. China reported 71 new deaths and 508 new infections on Monday. The virus was found to have infected passengers on a Korean Air flight, and health officials are now trying to track those who may have also been infected.