'Black swan' coronavirus to slam economy 10 times harder than hurricane - www.foxbusiness.com

Excerpts from article:

..."The outbreak is having a significant impact on China's economy and may potentially affect the global economy," Zhang said on a company earnings call, explaining his use of the term "Black swan," popularized in Nassim Taleb's book of the same name about catastrophes so unlikely they are completely unforeseen.

...Among the provinces affected was Hubei, which is home to Wuhan, the epicenter of the outbreak, and accounted for 4.6 percent of the country's GDP last year, according to a note from JPMorgan Chase's China equity strategy team.

...The 48,000 cases there account for the vast majority of China's total.

...In his semiannual testimony before Congress this week, Federal Reserve Chairman Jerome Powell said the central bank is "Closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the world."

...Economists at J.P. Morgan last week cut their U.S. first-quarter growth estimate by 0.25 percentage point to 1 percent as a result of weaker exports to China.

Submitted 6 days ago


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