Rattling financial markets in China and around the globe, Wuhan-province-based coronavirus has spread like wildfire, exceeding the deadly SARS virus in 2003. Called the 2019-nCoV, the virus has recorded over 8,000 diagnosed cases reported by the Washington-based Center for Disease Control [CDC]. CDC officials aren’t confident in the actual numbers because China’s reporting doesn’t have the same accuracy. CDC officials reported the sixth case of coronavirus in the U.S., concerned that more human-to-human transmission could mushroom in the U.S. during the height of the 2020 flu season. Two cases of positive diagnosis in Chicago came from two Chinese nationals infected in China’s Wuhan province. What concerns the CDC is the extent to which flu viruses can spread in the normal population, especially where early diagnosis remains problematic, distinguishing cases of seasonal flu.
Chinese government officials have already shuttered factories, sent workers home and caused supply-chain problems for U.S. and foreign manufacturers. If present trends continue, the coronaviurs could impact China’s Gross Domestic Product [GDP] currently running a 6.1%, sluggish for Chinese standards. CDC’s Nancy Messonnier, M.D., director of National Center for Immunization and Respiratory Diseases, asked the public to not panic with minimal influence in the U.S. “Despite the fact that we are reporting the first instance of person-to-person contact [in the U.S.], it’s important to note that this spread was among two people who were in close contact for and extended period of time,” Messonnier said. Washing ashore in the U.S., it was inevitable that coronavirus would eventually impact U.S. financial markets. Supply-chain disruptions could plunge global financial markets into recession.
Stopping worldwide viruses from jumping continents is not easy for the World Health Organization [WHO] who announced today that the coronavirus qualities as global epidemic. While in its early stages, there’s little anyone can do except for quarantines and following strict disease-control-prevention protocols like wearing masks, disinfectants and hand washing. “I understand why this may cause people to be worried about how this may affect them. This as a very serious health situtation . . . moving forward, we can expect to see more cases,” said Messonnier. CDC Direcotr Robert R. Redfield expects to see more human-to-human spread in the U.S. as more overseas travelers make their way to the States. “Given what we’ve seen in China and other countries with the novel coronavirus, CDC experts have expected some person-to-person contact in the U.S.,” Redfield said.
World Health Organization [WHO] reports that there’s over 8,000 confirmed cases with at least 170 deaths. China’s Beijing-based Center for Disease Control [CDC] may grossly underestimate the extent of the coronavirus in China, where dense populations prevent the government from collecting accurate data. “No vote of confidence,” said Tedros Adhanom Ghebreyesus, WHO’s Director-General, said about the coronavirus outbreak in China. “These developments, in terms of the evolution of the outbreak and further development of transmission, these are of grave concern and has spurred countries into action,” said Mike Ryan, Ph.D., Executive Director of the WHO’s Health Emergency Program. Public health officials find themselves unable to stay ahead of the coronavirus spread around the globe. Several major airlines and cruise ship carriers have ordered flight-and-cruises cancelled.
Stopping coronavirus from spreading into a pandemic, spanning the globe, is no easy matter for WHO or CDC. “Given what we’ve seen in China and other countries with the novel coronavirus, CDC experts have expected some person-to-person spread in the U.S.,” said Redfield. Companies in China like Starbucks [SBUX], McDonalds [MCD], Microsoft [MSFT] and Google [GOOG], have closed their offices in China. Chinese authorities have shuttered many businesses, told employees to stay at home and have no plan for stopping the coronavirus spread. American Airlines [AAL], United Airlines [UAL], Delta [DAL], British Airways [BA] and other Chinese carriers have cancelled or restricted air travel to China. Without some containment of the virus, there’s no way to control its spread without curtailing the activities of many businesses in-and-out of China.
Secretary of Health and Human Services Alex Azar shared his concerns about the spread of the virus in the U.S. “This is a very fast-moving and constantly changing situation,” Azar said. “But at this point Americans should not worry for their own safety,” actually making average citizens worry more. What worries federal and global health officials like the WHO is the inability to stop the virus spread from China to other global destinations. Using surgical masks, hand washing, disinfecting and quarantining infected individuals only goes so far in preventing the virus spread. Given today’s media, there’s very better ways to inform the public than actually taking steps to stop the virus from jumping countries and continents. Given the fragile nature of the global economy, geopolitical events, including national and world health emergencies, can trigger market sell-offs leading to economic slowdowns.
