China has confirmed human-to-human transmission of a deadly virus. Little is known about the form of coronavirus that originated there, other than that it causes pneumonia. It appears closely related to Sars, or severe acute respiratory syndrome, which killed more than 700 people and devastated the Hong Kong economy in early 2003. This time, investors are already pricing in scary outcomes. These look overdone.
中國證實了一種致命病毒可以人傳人。除了知道這種病毒會引起肺炎之外，人們對這種源于中國的冠狀病毒知之甚少。它似乎與非典(SARS)密切相關——非典在2003年初奪去了逾700人的生命，摧毀了香港的經濟。這一次，投資者已經在為可怕的結果定價。這些看起來有點過頭了。
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