Asian markets stabilized Wednesday as virus outbreak fears lessened.
The biggest index of Asia-Pacific shares, the MSCI, rose 0.2 percent after nearly week of losses after news of the coronavirus first broke. Japan’s Nikkei also calmed and rose 0.27 percent while Australian shares rose half a percentage point.
The World Health Organization (WHO) stated that those infected globally rose sharply from 1,500 to nearly 6,000, with death toll now at 132.
In a stunning announcement, UK-based British Airways said it would suspend all flights to the second-biggest economy in the world, joining a growing number of companies stopping their employees from traveling to the infection zones in China.
Economic analysts feared that the dangerous virus will slow down growth after a difficult 2019 filled with trade wars and a global growth slowdown.
Authorities are taking precautions because of the virus’s link to SARS (severe acute respiratory syndrome) that ravaged Asia between 2002 and 2003 and killed 800 people in mainland China, Hong Kong and Southeast Asia.
Experts have found that the SARS pandemic’s economic impact in those two years to have been as high as tens of billions of dollars.