China has confirmed that the Lunar New Year holidays are being extended across the country until Sunday 2nd February.
In addition, some provinces have confirmed further extensions to the holidays with only ‘essential’ services open trying to contain the coronavirus as follows:
The Chinese city of Wuhan in Hubei province remains in lockdown until 14th February and of interest to the world of finance, the Chinese Stock Exchange is in Shanghai meaning it may not reopen until 10th February. Global companies that have operations in China are mostly closed and when Chinese markets do reopen, we expect falls or even a significant correction of up to 10%. This is being reflected around the globe as markets continue to tumble.