STI dips as Covid-19 cases surge in Hubei
New diagnosis method behind jump; denting improving investor sentiment
INVESTOR sentiment in Asia was improving on the back of declining rates of deaths and new cases of infection associated with the novel coronavirus, but all of that changed on Thursday.
The reason: the Chinese authorities started using a new method of diagnosis, which resulted in sharp increases in both the fatality count and the number of infected in Hubei province, the epicentre of the Covid-19 outbreak.
With the spike suggesting that a bigger-than-expected crisis might be on the cards, AxiCorp chief market strategist Stephen Innes noted: "The Hubei coronavirus update headline has initially hit like a ton of bricks, given this is one of the market's biggest fears."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results