Wednesday, March 3, 2021

Media, stock market and Coronavirus

Reading Time: 2 minutes
Health Emergency

As we go to print, the ongoing coronavirus outbreak is about to enter its third month. According to the European Centre for Communicable Diseases, the majority of the confirmed cases – more than 73,000 – are in China. More than 800 are confirmed outside of China in more than two dozen countries which  include Thailand, Japan, Singapore, Taiwan, Malaysia, South Korea, United Arab Emirates, Vietnam, Cambodia, Nepal, the Philippines, India, Sri Lanka, Germany, France, Italy, United Kingdom, Russia, Finland, Spain, Sweden, United States, Canada, Australia, Belgium and Macau. Singapore, Japan and Thailand are the countries with the most cases outside of China.

It is interesting to note the emotional and practical reactions to this health emergency.

- Advertisement -

One of the biggest markets for collective human emotions is the stock market. As of date, the stock markets around the world seem to be taking this virus in their stride. The biggest equity market in the world, the US market, has hardly paused in its ground-breaking run from the last two years as it scales new heights. The Australian equity market is mirroring this record breaking run. The collective wisdom of this rather emotional group which is easily swayed by an overblown fear of bad news or over exuberant greed, is that this too shall pass. The markets have seen the Asian SARS crisis in the 2003 with its mortality rates of 9% and spread across 30 countries, and then the Middle East Respiratory System (MERS), and it believes that if the hype is taken out of the reporting of this virus, the markets will recover from any downside quickly and strongly. And so the investor is preferring to hold on to their stocks, and in fact, look at buying on weakness. It is still to be seen if this bravado will be tested.

It is the reporting of the issue which has caused alarm for the world health authorities. ABC Radio only recently featured three different reports describing it as ‘deadly’, ‘life threatening’ and ‘the killer virus’ – all correct no doubt, but one can imagine the reporters scrambling to find these adjectives. Consider the numbers, though: according to a NSW Health spokesperson, the number of cases cleared is 1,186; number of cases confirmed is 4, and of the four confirmed cases, a 53-year-old male, a 35-year-old male, a 21-year-old female and a 43-year-old male, all patients have been discharged.

At Sydney Airport since Sunday 2 February, a total of 17,783 people have been assessed. Of these 0.3%, ie a total of 65, were sent for testing.

While the investigations into cause and cure are ongoing and precautions need to be taken, perhaps a bit of perspective is called for as well. There are reports of racial vilification of the Chinese community worldwide, Australia included.

As one politician said, it is not where you are from, but where you have travelled, that should be the message.

It is also time that the politicians did more visits and door stops which involve the affected communities in places like Chinatown, Eastwood, Burwood etc.


2019 nCoV: Local tourism operators feel the crunch

Huawei India tells its Chinese techies to stay back home

- Advertisement -
Pawan Luthra
Pawan Luthra
Pawan is the publisher of Indian Link and is one of Indian Link's founders. He writes the Editorial section.

Related Articles


Please enter your comment!
Please enter your name here


Ep 9: What do young Indians want from love?

Growing up in Indian culture, most of us know that love has never been as popular as marriage. Even in the movies, the main...

Ep 8: Indian links in Indigenous Australian poet Ali Cobby Eckermann’s...

To celebrate NAIDOC week 2020 (between 8-15 November) I spoke to Yakunytjatjara poet Ali Cobby Eckermann about her time in India where she taught...

Ep 7: In the case of Sushant Singh Rajput

  The torrid and high-octane Sushant Singh Rajput case has been fodder for Indian people and press for the last few months. The actor’s tragic...

Latest News

sexual assault survivor, sexual assault counsellor, sexual assault victim

I’m a sexual assault counsellor. Here’s why it’s so hard for...

  As a senior sexual assault counsellor working with Sydney’s Royal Prince Alfred Hospital, I often sit across from people on the worst day of...
dee domingo and raj shekhawat

A tinnitus update on World Hearing Day

  World Hearing Day is celebrated on 3 March to raise awareness on how to prevent deafness along with promoting ear care. I spoke to...

Book Review: ‘Ritu weds Chandni’ by Ameya Narvankar

  "But what is wrong with that? Why shouldn't she marry Chandni didi?," asks Ayesha, the young protagonist in Ameya Narvankar's Ritu weds Chandni. The innocent...
axar patel indian cricket player

IND v ENG: A historic Test… for all the wrong reasons

  The only bigger joke than the wicket prepared for the 3rd cricket Test between England and India at Ahmedabad’s Motera Stadium, was the renaming...
Queer support group Trikone Australia’s Alan Maurice, Kunal Mirchandani and Ravin chat with Bageshri Savyasachi

South Asians talking about Mardi Gras

  Pride week has already begun in Australia! Since Sydney's fabulous Mardi Gras parade is coming up this weekend, I had a chat with members...