Archives of “January 24, 2020” day

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China says that it will punish officials who delay new coronavirus disclosure

  
  Analysis
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A statement made by the Chinese foreign ministry

China

Fear makes people do crazy things it’s hard to get a real sense of how things are like on the ground at the moment, besides looking at social media posts on the matter.

But just for an update, China’s Hubei province has now lifted its public health emergency response to Level I – the highest level – amid the outbreak.
For some context, Wuhan is one of the cities located in the Hubei province with many of the other cities in the area also said to be on lockdown mode currently.
Meanwhile, China’s state media is now reporting that Tianjin has confirmed a case of the new coronavirus in a patient who has not been to Wuhan. I reckon that sort of development is expected but given how accessible world travel is in this day and age, it is scary to think of how widespread this outbreak can really be.

US President Trump is to sign the new NAFTA (USMCA) next week – Wednesday

  
Analysis, Politics
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Reuters citing an unnamed official, Trump to sign the deal between the United States, Mexico and Canada on Wednesday during a ceremony at the White House

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This United States-Mexico-Canada Agreement (USMCA) replaces NAFTA
It is yet to be formally approved by Canada.
The delay from CAD may be donut related? (kidding)
Reuters citing an unnamed official, Trump to sign the deal between the United States, Mexico and Canada on Wednesday during a ceremony at the White House

Intel earnings are impressive (as is guidance)

  
Analysis, US Market
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EPS $1.52 versus $1.25 as expected

Intel stock is moving sharply higher in after-hours trading after their earnings and revenues beat expectations.

  • EPS, $1.52 versus $1.25 estimate
  • Revenues $20.2 billion versus estimate $19.22 billion
  • Intel sees 2020 revenues about $73.5 billion versus estimate of $72.21 billion
  • Intel sees 2020 adjusted earnings-per-share of $5 versus estimate of $4.69
  • Intel sees 1st quarter revenue about $19 billion versus estimate of $17.2 billion
  • Intel earnings, forecasts boosted by cloud a data center demand
  • Guidance completely above normal seasonal levels
The stock is currently trading at $67.82 after hours. That is up $4.50 or 7.11%

Expert says coronavirus could be “at least” ten times worse than SARS

  
  Analysis
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Comments after visiting Wuhan

Comments after visiting Wuhan
Guan Yi, director of the State Key Laboratory of Emerging Infectious Diseases at Hong Kong University, traveled to Wuhan on Tuesday and Wednesday and now he’s warning that the disease could be a generational pandemic.
“My conservative estimate is that this epidemic could end up at least 10 times the scale of Sars [severe acute respiratory disease],” he told Caixin today.
There are signs China is planning to lock down a second city. At midnight, all public transport in Huanggang will be halted. It’s a city of 7.5 million located 70km east of Wuhan.
Dr. Guan said he left Wuhan convinced that “the epidemic situation was out of control.”
“I’ve experienced so much and I’ve never felt scared before,” he said. “But this time I’m scared.”
He said that models suggest that due to incubation lags, symptoms may appear more broadly across China beginning on Saturday.
SARS infected 8,089 people globally and killed 774 with China accounting for the vast majority. It curbed Chinese GDP growth in 2003 by 0.8-2.0 percentage points.
If this video of a hospital in Wuhan is authentic, then watch out. The announcement of a plan to build a special hospital in the city in six days suggests there is overwhelming demand.

Broader indices close higher in the US stock market today

  
Analysis, US Market
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The Dow lags

The broader US indices (S&P and NASDAQ) are closing higher after recovering from earlier losses and fears from the coronavirus.  The Dow lagged with the indice down marginally.
The final numbers are showing:
  • S&P index +3.79 points or 0.11% at 3325.54. The hi reached 3326.88. The low extended to 3301.87
  • NASDAQ index rose 18.709 points or 0.20% at 9402.47. The high reached 9409.199. The low extended to 9334.129
  • Dow fell -26.18 points or -0.09% at 29160.09. The high reached 29190.47. The low extended to 28966.98
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