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China stocks plunge amid coronavirus fears



Stocks in both of China’s exchanges plunged on Monday amid ongoing worries about an outbreak of a deadly new form of coronavirus that has sickened thousands of people and killed more than 300.

The New York Times reported that Shanghai’s exchange opened 8.7 percent down, while losses at the Shanghai exchange were at 9 percent.

The plunge appeared to have a ripple effect, as Australia and Japan’s stock exchange opened down 1.5 points and Hong Kong’s exchange dipped about half a percent. U.S. stocks previously dropped on Friday after multiple U.S. airlines cancelled flights to China entirely over the outbreak. The State Department has also urged U.S. travelers to avoid the country.

China’s government has responded to the growing outbreak by quarantining the city of Wuhan, where the virus is thought to have originated at a seafood market, and the World Health Organization (WHO) has declared it a public health emergency.

98 cases of the virus have been reported beyond China’s borders, with a handful in the U.S., though only one death has been reported outside of China.

 



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