Although its health impact outside China has so far been minimal, Wuhan flu is clearly biggest risk to China’s growth this year, & main source of risk for markets.

China to Spend Billions Buying Stocks If the Coronavirus Panic Continues

The government has already made clear that state intervention is on the table. The central bank on Monday said it would inject billions of dollars into the financial system by buying short term bonds to help keep bank lending flowing.

Ex Fed Chair Janet Yellen: Coronavirus Poses ‘Risk’ to Global Economy

Former Fed chair Yellen addressed the coronavirus epidemic Tuesday, saying the uncertainty around what will happen and whether it will be contained poses a “risk to the global outlook.”

Coronavirus Will Delay Export ‘Boom’ From US/China, Kudlow Says

But Kudlow said that the Trump administration still projects “minimal impact” from the coronavirus.