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Yahoo BusinessFeb 23, 2020
China's Property Sector Faces Cash Crunch
Feb.23 -- China's debt-laden property developers are facing a cash crunch as the coronavirus outbreak brings the real estate market to its knees. The ramification are potentially huge for the overall economy, with the property sector directly accounting for about 7% of China's GDP. Bloomberg's Katrina Nicholas reports on "Bloomberg Markets: Asia."


Yahoo BusinessFeb 23, 2020
Korea Confirms 161 New Cases as Outbreak Spreads: Virus Update
(Bloomberg) -- China's novel coronavirus outbreak is spreading further in countries outside of Asia, raising concerns about the prospect of a pandemic as trading in the region got underway for the week.South Korea said it had 161 additional virus cases, along with two more deaths, to bring the total death toll there to seven. The country had earlier raised its infectious-disease alert to the highest level after a 20-fold increase in cases.Europe's concerns were also heightened over the weekend, which saw Austria halt a train from Italy for fear of two infected passengers. This came after Italy -- now the virus's epicenter on the continent -- canceled the Venice Carnival and other events.Key DevelopmentsBREAKING: South Korea says 161 more cases; death toll at 7Cathay Pacific cuts further capacityChina cases rose to at least 76,936 with 2,442 fatalities over weekendItaly infections soarIMF's Georgieva says outbreak puts recovery at riskClick VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.Korea's Ruling Party Urges Extra Budget (7:37 a.m. HK)The Democratic Party of Korea assessed that the nation, which has hundreds of virus cases, will need more than 10 trillion won ($8.3 billion) in extra budget to support the economy and provide aid for losses related to the outbreak, according to the Seoul Shinmun newspaper, citing an unidentified party official.Cathay Slashes More Capacity (7:12 a.m. HK)Hong Kong carri

Yahoo BusinessFeb 23, 2020
How Strategists and Investors See Coronavirus Playing Out
(Bloomberg) -- A raft of new coronavirus cases in numerous countries outside China over the weekend has redoubled concern about the ability of the illness to spread, and potential economic impact.South Korea's Kospi dropped as much as 3.2% after the country's count of cases rose quickly to 763, and the government raised its infectious-disease alert to the highest level. Italy's government imposed a lockdown on an area of 50,000 people near Milan and took other measures as infections reached 140. Iran reported an eighth death with 43 cases. That's all on top of the impact on hardest-hit China, where millions of firms face potential collapse if banks don't act, though China's top leaders said in a statement after a meeting on Friday that they will exercise more flexibility in monetary and fiscal policy.Read: Hong Kong Sounds Warning; Italy Cancels Carnival: Virus UpdateHere's what strategists and investors are saying about the developments.Normal by July?"More near term panic will weigh on risk, but panic is necessary to increase containment odds. Credit markets appear to recognize that," said Dennis DeBusschere of Evercore ISI. "EISI's Survey team asked investors about the impact of the outbreak and the vast majority of respondents see both the risks as understated and expect U.S. Treasury yields were likely to decline by 25 basis points (to about 1.3%). 80% of investors expect supply chains to return to near-normal by July though." (The survey was published on Feb. 17.)Hard to Pick Bottom"With cases of

Wall Street Journal US BusinessFeb 23, 2020
World Economy Shudders as Coronavirus Threatens Global Supply Chains
The last time a coronavirus outbreak hit China in 2003, the global economy emerged relatively unscathed. Now, nearly two decades later, the growth-damping effects of a similar pathogen threaten to ripple around a world transformed by China's boom.

Yahoo BusinessFeb 23, 2020
Oil prices fall 2% on demand concerns as coronavirus spreads outside China
Oil prices tumbled more than 2% on Monday as investors worried about a hit to demand from the coronavirus outbreak, which is spreading rapidly outside China. U.S. crude futures fell by $1.26 or 2.3% to $52.12. Concerns about the coronavirus grew on Sunday after sharp rises in infections in South Korea, Italy and Iran.

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