Coronavirus Cases Keep Increasing, Keeping the Risk Sentiment Off

Coronavirus cases increased above 40,000 today and Chinese officials don't seem too confident now

Skerdian Meta•Monday, February 10, 2020•1 min read

It seems like it will be pretty hard for global authorities to wipe the coronavirus out anytime soon. The number of infected people has reached above 40,000 with 910 deaths. Chinese authorities seemed more confident last week, but they don’t seem too confident now, after 97 people died in one day in China yesterday.

The Chinese president Xi Jinping commented earlier today on the state television and he sounded less optimistic than last week. Below are some of his main comments:

Situation over prevention of coronavirus outbreak is still severe
China will definitely win the fight against the coronavirus outbreak
China will adopt more decisive measures to contain the spread in Hubei
To speed up development of drugs that have good clinical effects against the virus

Not only has the virus spread outside of Hubei, but it has spread in other countries around the world as well, with four more people diagnosed in Britain today. Besides that, Chinese companies are feeling the pressure from the virus, as hundreds of Chinese firms reportedly seeking billions in loans to soften impact of virus outbreak.

These companies include prominent names such as Xiaomi, Meituan Dianping, and DiDi. So, the situation seems bad and the Chinese economy will suffer from this, affecting the global economy as well. So, the negative impact in the economy will be another major issue for central banks and governments around the globe to fight, apart from the virus itself. The sentiment remains negative today as well.

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.