China Market shuts for the Lunar New Year holiday

Mainland China equity market closed on Tuesday, 28 January 2020, on the eve of Lunar New Year celebrations holiday.

Asian market declined on Tuesday, 28 January 2020, amid worries about the economic impact of coronavirus viral outbreaks in the world's second largest economy, along with the potential to harm global economic growth.

Chinese health authorities said Tuesday that the coronavirus outbreak has killed 106 people and infected 4,515. In the U.S., at least 110 people were identified as under investigation for the virus, according to the Centers for Disease Control and Prevention, while a handful of infections were reported in other countries, such as France and Japan.

Concerns have been growing about the potential impact of the virus on China's economy, which is set to slow to around 5.7% in 2021 from 6.1% last year, down from its near double-digit growth when the severe acute respiratory syndrome, or SARS, hit in 2002-03, according to data from the International Monetary Fund.

Oil prices declined in the afternoon of Asian trading hours, with international benchmark Brent crude futures slipping 0.57% to $58.98 per barrel. U.S. crude futures also shed 0.53% to $52.86 per barrel.

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