International Oil Prices and Japanese Stock Market Also 'Cough Cough' Due to 'Wuhan Pneumonia'

Japanese Stock Market Plummets Due to Wuhan Pneumonia... Down 2.03%
International Oil Price at $59 per Barrel... Lowest in Three Months

Amid the occurrence of the fourth confirmed case of the novel coronavirus infection, known as 'Wuhan pneumonia,' in South Korea, visitors wearing masks are seen at Gyeongbokgung Palace in Seoul on the afternoon of the 27th.

The international oil prices and global stock markets are also suffering due to the spread of the China-originated 'Wuhan pneumonia.'

On the 27th, the Nikkei 225, the representative index of the Tokyo Stock Exchange, closed at 23,343.51, down 483.67 points (2.03%) from the previous trading day's (24th) closing price.

The decline in the Nikkei 225 on this day was recorded as the largest in about 10 months since March 25 of last year.

After the weekend break, the Nikkei 225 started with a gap down and plunged more than 500 points shortly after the opening.

The TOPIX index, which reflects the stock prices of all first-section stocks on the Tokyo Stock Exchange, also closed at 1,702.57, down 27.87 points (1.61%) from the previous trading day's closing price.

TOPIX briefly fell below the 1,700 level right after the opening but barely held above 1,700.

Market insiders analyzed that the number of Wuhan pneumonia patients continues to increase worldwide, weakening investment sentiment toward risky assets, which manifested as a sharp decline in stock prices.

The stock markets in China, Hong Kong, and Taiwan were closed due to the Lunar New Year holiday. As investment uncertainty grew, the prices of safe-haven assets such as gold and the yen rose.

The spot price of gold rose 0.6% to $1,581 per ounce, and the yen fell to 108.73 yen per dollar.

The fourth confirmed case of the novel coronavirus infection, known as 'Wuhan pneumonia,' has occurred in South Korea. On the morning of the 27th, a notice restricting visits related to Wuhan pneumonia was posted at Seoul National University Hospital in Jongno-gu, Seoul.

International oil prices fell below $60 per barrel on the 27th, marking the lowest level in three months.

According to Bloomberg's data, the price of Brent crude oil for March delivery on the London ICE Futures Exchange dropped to $58.68 per barrel at 8:06 a.m., down 3.3% from the closing price on the 24th.

This is the first time Brent crude has fallen below $60 since October of last year, three months ago. As of 11:33 a.m., it is hovering around the $59 level and has not risen back above $60.

West Texas Intermediate (WTI) crude oil fell 3.8% to $52.15 around 8 a.m., and as of 11:33 a.m., it is trading at $52.8.

Saudi Arabia's Energy Minister Abdulaziz bin Salman stated in the morning that they are closely monitoring the impact of the Wuhan pneumonia situation on the Chinese economy and the oil market, but oil prices continued to weaken.