Excerpt from Politico’s Morning Money
China crisis update
By BEN WHITE and AUBREE ELIZA WEAVER – 01/24/2020
China crisis update — Via Reuters: “China stepped up measures to contain a virus which has killed 25 people and infected more than 800, with public transport suspensions in 10 cities, temples shutting, and the rapid construction of a new hospital to treat those infected.
“The World Health Organisation … declared the new coronavirus an emergency for China but stopped short of declaring the epidemic of international concern. Health authorities fear the infection rate could accelerate over the Lunar New Year, when hundreds of millions of Chinese travel at home and abroad during week-long holidays, which began on Friday.”
Cumberland’s David Kotok emails MM: “Markets are mispricing a rising virus risk of global slowdown. This is not just manufacturing sector. Services, transportation, entertainment, tourism and all support functions. We are maintaining a cash reserve.”
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