China Trying Everything, But the Virus is Still Spreading
The sentiment surrounding the coronavirus improved earlier this week, but new cases keep coming, keeping markets in check
Markets almost panicked in the last few weeks after the outbreak of coronavirus in China. Risk assets tumbled lower and safe havens such as Gold surged higher. But, the situation improved a bit in the first couple of days of this week as Chinese authorities went to extra lengths to prevent it. They commented earlier today and apparently will do more to fight the virus. Below are some of their comments:
China president Xi Jinping
- Coronavirus prevention and control is at a crucial stage
- Must strictly carry out virus control and prevention measures
- Says will crack down on coronavirus-related rumour mongering
Chinese state television
- China will issue more tax, fiscal measures to aid fight against coronavirus impact
- Will support banks to offer lower rates on loans to smaller firms
A WHO spokesman commented later, when asked about reports of possible treatment breakthroughs from earlier today. They said that there are no known effective therapeutics against this coronavirus. That sort of puts some cold water over the earlier reports but then again, I don’t think there were much details to suggest a major breakthrough of any sorts.
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