Oil, shares fall as coronavirus fears stalk financial markets
Al JazeeraChina extended the Lunar New Year holiday by three days as the virus spreads, raising fears about economic growth. China’s cabinet also announced it will extend the weeklong Lunar New Year holiday by three days to February 2 and schools will return from their break later than usual, state broadcaster CCTV said. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, although trade in the region has already slowed for the Lunar New Year and other holidays, with financial markets in China, Hong Kong and Australia closed on Monday. “Any economic shock to China’s colossal industrial and consumption engines will spread rapidly to other countries through the increased trade and financial linkages associated with globalization.” All three of the biggest Wall Street indexes closed sharply lower on Friday, with the S&P 500 seeing its biggest one-day percentage drop in more than three months.