Asia shares inch up, coronavirus anxiety keeps investors edgy
The gains came even as the World Health Organization warned the spread of the virus among people who had not been to China could be “the spark that becomes a bigger fire”.
“The coronavirus outbreak completely changed the dynamics of the Chinese economy,” they said in a note. Should the contagion not peak until April, the economy could contract in the first quarter, with a rebound spread over the second and third quarters, the JPMorgan analysts said.Analysts at Nomura said measures of returning workers and passenger traffic flows within China suggested the virus had “a devastating impact on China’s economy in January and February.”
The risks are such that investors are wagering on more stimulus from Beijing — even though conventional measures in such cases can do little to reverse a sharp slump in demand — while a host of other central banks are under pressure to safeguard their economies with cheaper loans.
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