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China’s People’s Daily reports that the local health authorities said 24 provincial-level regions, including Beijing and Shanghai, reported no new confirmed cases of coronavirus (COVID19) Sunday.

Meanwhile, CNBC cited China’s state planner, National Development and Reform Commission (NDRC), saying that “resumption of work/production is “accelerating”, Zhejiang +90%. Jiangsu, Shandong, Fujian, Liaoning, Guangdong, Jiangxi +70%. Some industries: Iron/steel 67.4%. Nonferrous metals 86.3%. Food processing 70% Coal mine output 76%.”

Earlier today, the National Health Commission (NHC) reported a decrease in the number of new virus cases in the mainland while Hubei’s province also reported a drop in the new cases.

  • China’s NHC reports 409 new cases in mainland from coronavirus outbreak as on Feb 23

Market implications

Despite a silver lining seen on the coronavirus outbreak seen in China, the market sentiment remains sour amid fears of the virus outbreak spreading rapidly in Italy, South Korea and Iran.

The Aussie dollar remains the worst hit, as AUD/USD threatens a new 11-year low of 0.6583 while US equity futures remain deep in the red amid losses in the Asian equity markets.