It was only a matter of time before the coronavirus infected Wall Street—and now symptoms are definitely visible
. Not literally of course, or at least not yet. But the effects of the virus, radiating outward from the Wuhan province of China, are making their way to the canyons of finance. After being closed for a week in celebration of the Chinese New Year, the Shanghai market opened Monday and promptly fell around 9%. Oil prices seem to be collapsing, down around 20% from their January high, depending on the type of crude.
Indeed they are. Goldman canceled a global partners’ meeting scheduled for New York City for this week, as did another bulge bracket firm, which had managers coming from all over the world to the new TWA hotel at JFK Airport to discuss prospects for 2020. ”But what’s the sense of doing that and flying all these people in for three days only to send them all back home again,” one senior executive said.
In a research note, shared February 3, with its investing clients, Goldman Sachs was relatively sanguine that the outbreak would soon be brought under control. “Our Asia Economics team’s baseline assumption is that the aggressive response from the authorities in China and elsewhere will bring the rate of new infections down sharply” by the end of March. If they are right, Goldman believes that global economic activity “should normalize” later this year, with GDP growing “about” 1.
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