[Yahoo Finance] China's coronavirus outbreak: Here's what happened on Tuesday
China's coronavirus outbreak, which originated in Wuhan and continues to upend travel and worldwide markets, has now been reported in more than a dozen locations, and the numbers of those affected have risen.
Both Hong Kong and Russia announced strict travel measures from mainland China, with the U.S. government expanding screening measures at key airports, and at least one major air carrier pulling back on travel to the world's second-largest economy.
As of Tuesday, the death toll in China and the region has surpassed 106, and more than 4,500 cases have been confirmed. In the United States, there are still only 5 known cases.
For now, the impact in other countries has been relatively limited, and the Centers for Disease Control is monitoring airports for travelers arriving from China and the surrounding region. However, the uncertainty is ramping up volatility on Wall Street, where stocks suffered their biggest one-day drop since October on Monday, amid fears of a worldwide pandemic.
Yahoo Finance is following developments closely, and will bring you updates as they occur.
Markets remain closed in China and Hong Kong Tuesday, but major U.S. benchmarks staged a modest comeback from the previous day's losses. Travel and leisure stocks remained under pressure, as investors priced in the possibility that the coronavirus would crimp flights and cruises. One analyst told Yahoo Finance the crisis could weigh on cruise companies' bottom line:
Highlight: @Wedbush Securities Managing Director of Equity Research James Hardiman on coronavirus' impact on cruise company earnings: "By our math, every lost voyage is $3-4 million of revenue and about 2 cents of earnings." pic.twitter.com/FUlXQW2PdU- Yahoo Finance (@YahooFinance) January 28, 2020
Meanwhile, citing a "significant decline in demand," United Airlines ( UAL) announced on Tuesday that it was suspending some flights between hub cities and Beijing, Hong Kong and Shanghai, The travel limitations will start February 1 and extend through February 8.
Starbucks, McDonalds and Disney have shuttered locations in the areas affected by the virus; meanwhile, casinos in Macau are also affected as transit in the area has been restricted.
Yet some pharmaceutical and biotech stocks have rallied on the news of the virus. Large cap companies like Johnson & Johnson ( JNJ), AbbVie ( ABBV) and Gilead Sciences ( GILD) announced they have entered the race to find a vaccine for the new virus strain.
For its part, J&J's chief scientific officer, Paul Stoffels, told Yahoo Finance that the company plans to use "the same technology that was used in the development and manufacture of Johnson & Johnson's Ebola vaccine which is currently deployed in DRC and Rwanda," as well as Zika and HIV treatments, he added.
What's happening around the world
The World Health Organization did not declare the outbreak global public health emergency after a meeting on January 23, but Beijing has imposed a quarantine on about 50 million of its citizens. The WHO will meet again in the coming weeks for a status update.
Meanwhile, Chinese President Xi Jinping recently told the WHO the Chinese government is aggressively fighting the virus - calling it a "devil" in remarks that were widely circulated on Tuesday.Anjalee Khemlani is a reporter at Yahoo Finance. Follow her on Twitter: Read the latest financial and business news from Yahoo Finance
How the coronavirus is hitting business The Australian Financial Review
Global spread of coronavirus: Countries with confirmed cases Daily Nation
'Significant threat' to Chinese economic growth amid coronavirus outbreak The Guardian
WHO raises coronavirus risk level RACGP
'It's racist': Outrage over fake note listing 'coronavirus suburbs to avoid' Yahoo News Australia
More News in Finance
This should be peak season for a 12-room hotel near the train station in the Chinese industrial hub of Wuhan. The Chinese New Year usually brings in plenty of travelers and delivers profits of around
The deadly coronavirus is rapidly spreading across the globe, with no end in sight. China has been accused of downplaying the potential severity of the respiratory disease in the early stages and mishandling the contagion crisis. Here
(Bloomberg) -- Asian stocks and Chinese futures slumped again on Tuesday, though contracts on U.S. equity benchmarks edged up, as investors tried to gauge the magnitude of economic damage from the coronavirus. Japanese
LONDON (Reuters) - A whopping $200 billion was wiped from European stocks at the start of this week as the deadly coronavirus prompted investors to cut back exposure to companies with a