write an article on the outbreak of corrona virus in the world
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Stocks in Asia stabilize after Monday’s drop.
Asian markets signaled a calmer outlook after Monday’s sharp drop in stocks.
Japan’s Nikkei 225 index was down 3 percent on Tuesday morning after missing Monday’s stock rout, as markets there were closed for a holiday. But shares in China and Hong Kong were down only modestly in early trading, and shares in South Korea rose. Hong Kong was down less than 0.2 percent, and stocks in Shanghai were down less than 1 percent.
As fears rose on Monday that the outbreak could spread further into Asia and Europe, investors sold stocks at a furious pace.
[Read: Brazilian who visited Italy is feared to be first coronavirus patient in Latin America.]
The S&P 500 index, which had reached a record high just last week, fell 3.4 percent on Monday, its worst single-day performance in more than two years. Stocks fell enough to wipe out all of the index’s gains for 2020. Earlier in the day, European markets recorded their worst day since 2016, and major benchmarks in Asia also closed down.
Airline and technology stocks were particularly hard hit by Monday’s decline. Delta Air Lines fell 6.3 percent and American Airlines was down 8.5 percent, while shares of Apple fell 4.8 percent. The tech-heavy Nasdaq composite index dropped 3.7 percent.
Analysts have issued new warnings in recent days that the outbreak could drag down economies around the globe.
Economists at JPMorgan Chase wrote that they expected global growth to slow to a 1 percent annual pace in the first quarter, which would be the weakest quarter of the economic expansion that began after the deep recession that started in 2008. In the United States, the general estimate for first-quarter domestic growth has slipped.
“The risks are clearly skewed to the downside until the outbreak is contained,” economists at Goldman Sachs wrote.
C.D.C. warns Americans against traveling to South Korea.
American travelers were advised Monday to avoid nonessential travel to South Korea because of the rapid spread of the coronavirus there, as the U.S. Centers for Disease Control and Prevention raised the travel warning to level three, its highest level.
“There is a widespread, ongoing outbreak of respiratory illness caused by a novel (new) coronavirus that can be spread from person to person,” the CDC said in an advisory. “Older adults and people with chronic medical conditions may be at risk of severe disease.”
The CDC also warned that “there is limited access to adequate medical care in affected areas.”
The warning came as South Korea reported Tuesday that the number of cases in the country had risen by 60 to 893 overall. The majority of the cases have been centered in the area in and around Daegu, South Korea’s fourth-largest city, 180 miles southeast of Seoul. And roughly half the patients in the country are members of the Shincheonji religious group, which has a large following in the city.
The higher threat level a day after President Moon Jae-in on Sunday put the country on the highest possible alert in its fight against the coronavirus.