Chinese authorities have decided to suspend trading on the nation’s two major stock exchanges. This comes after fears of a coronavirus crash.
- Chinese authorities have decided to suspend trading on the Shanghai and Shenzhen stock exchanges.
- This move comes as the Wuhan coronavirus outbreak grows in size and severity.
- The government is kicking the can down the road. Investors can expect a massive correction when trading resumes next Monday.
China’s financial markets will remain shuttered until Feb. 3 due to coronavirus fears, according to separate announcements from the Shanghai and Shenzhen exchanges.
The move comes as the Wuhan coronavirus outbreak grows in size and severity with many fearing it may lead to a global recession.+
From Bangkok to Boulevards of Paris, Absence of Tourists Hits Hard…china shuts down stock market
We may be putting a pin in the map for Kansas soon t.co/2KP64lhV4i
— Donut Shorts (@DonutShorts) January 28, 2020
NEW: Queensland reports 1st case of coronavirus, 7th in Australia t.co/XQhLD5wMuG
— BNO Newsroom (@BNODesk) January 29, 2020
If the stuff here is right, and there’s every chance it is, and the virus isn’t controlled for sev weeks yet, the SARS episode suggests underlying GDP growth in Q1 could drop to 4% or so. China braces for blow to economic growth from coronavirus via @FT
— George Magnus (@georgemagnus1) January 28, 2020