Corona virus effect:Stocks Sink as Markets Open in China

Wuhan town of China was lockeddown after the out break of epidemic Corona virus  and the government there is extending its quarantine in an effort to halt the coronavirus that has killed at least 224 people in the city.World’s leading infectious disease experts opinioned that the outbreak is likely to become a pandemic, defined as an ongoing epidemic on two or more continents.

It is yet to be known how lethal the new coronavirus is, but there is a growing consensus that it is readily transmitted.Scientists have found that it is spreading more like influenza than its slow-moving viral cousins, SARS and MERS.

A 44-year-old man in the Philippines has died of the coronavirus, health officials said on Sunday, making him the first known death outside China. The man, a resident of Wuhan died on Saturday after developing what officials called “severe pneumonia.”

Stocks in Shanghai opened 8.7 percent lower in early Monday.The damage could be confined to Asia. Futures markets that predict the performance of stocks in the next day forecast a positive opening for Wall Street and a mixed day for shares in Europe.