(Beijing)

Just when you thought the market’s worries over coronavirus might be in the rear view mirror, more bad news has just struck. The largest single day rise in cases just occurred, with China reporting an additional 15,000 cases in a single day. That rise was more than 10x the previous day’s increase. The country reacted by firing top health officials in the Hubei province, which is the epicenter of the outbreak.

FINSUM: When you combine this information with the growing chatter than China may be drastically under-reporting cases, it makes sense markets are worried. 60m people in China are currently under quarantine. Economic damage is inevitable.