As previewed on Friday and again earlier today when we noted the latest trades in China's A50 futures China's reopening from the long Lunar New Year holiday was set to be ugly, and sure enough with Chinese stocks resuming trade at 9am on Monday, a wave of selling was unleashed culminating in nothing short of a bloodbath with the Shanghai Composite crashing 9% at the open.
H/T: Zero Hedge
There is no relief in sight for Chinese stock traders as authorities announced Monday that the death toll from the coronavirus outbreak had risen to 361 people and the total number of people infected had risen to 17,205. The makes the corronavirus officially more deadly than the SARS outbreak in China back in 2002.
The Year of the Rat has delivered a black swan to #China President Xi's doorstep. China’s CSI300 plunged on fears over impact of coronavirus. Plunge, reminiscent of 2015’s brutal crash which wiped around $5tn off Chinese bourses, could prove hard to brake. https://t.co/bkjQNI9LZg pic.twitter.com/53LyFCswTr— Holger Zschaepitz (@Schuldensuehner) February 3, 2020
Coronavirus live updates: Fears rise of pandemic as China stocks crash - The Washington Post https://t.co/QLJwxqV83C— Yakov Koltovskoy (@KoltovskoyYakov) February 3, 2020
China Bans Short Selling, Plans Massive Liquidity Injection To Prevent Market Crash https://t.co/tnlP35wU7U— Jack Posobiec🇺🇸 (@JackPosobiec) February 3, 2020