The Shanghai Composite index tumbled nearly 8% on Monday as Chinese regulators moved to stabilize markets jolted by a virus that has spread to more than 20 countries, slamming regional tourism and threatening global growth. The Shanghai benchmark dropped almost 9% after markets opened after a weeklong Lunar New Year holiday that was extended by three days. On Sunday, the central bank announced it was putting $173 billion into the markets to ensure there would be enough cash. The Shanghai Composite fell 2.8% on Jan. 23, its last day of trading before the holiday. Trading in Shanghai is mostly conducted electronically, so there is no crowded, raucous trading floor.

Source: Los Angeles Times February 03, 2020 08:15 UTC