Seven major Asia-Pacific markets have tumbled into correction territory

A surge in coronavirus cases outside China has sent stock across the world tanking. A number of big Asia markets are in correction territory Friday.

while the U.S. Centers for Disease Control and Prevention confirmed on Wednesday the first coronavirus case of unknown origin in Northern California.

"COVID-19 has escalated rapidly — first in mainland China and now in other countries — and is likely to have a significant economic impact," Nomura analysts Sonal Varma and Rebecca Wang wrote in a note dated Feb. 27. "Quantifying the economic impact remains challenging as there is still no hard evidence," the analysts said. "To fill this void, we combine bottomup evidence from companies and sectors across countries to evaluate the potential topdown macro impact.“Related Tags

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