New confirmed cases of Wuhan coronavirus dropped drastically in China. According to the National Health Commission, there were only 394 new cases on February 19, and that’s the lowest level since January 23. Total accumulated number of confirmed cases in China now reached 74576. Death tolls didn’t slow, however, and rose 114 to 2118.
Meanwhile, the outbreak is starting to get serious in surrounding countries. South Korea reported 31 new cases of the Wuhan coronavirus today, with a new outbreak traced to church services in Daegu. Total number of cases in South Korea jumped to 82.
In Japan, more than 620 passengers on the Diamond Princess liner have been infected. NHK said that two from the cruise died, citing an unnamed government source. Outside of the cruise, number of infections in Japan has more than doubled in the past week to 74. Number of cases in Singapore also reached 84. Also, two Iranian citizens, who were tested positive, have died.
As widely expected, China’s PBoC cut its benchmark interest rates today, to counter the economic impact of the Wuhan coronavirus outbreak. One-year loan prime rate was lowered by -10bps to 4.05%. Five-year LPR was lowered by -5 bps to 4.80%. There is no overwhelmingly positive reaction in Hong Kong and China stock markets for now. The tiny step hinted that the Chinese government is just opting for rolling out stimulus as a measured pace.
