Coronavirus has so far infected more than 60,000 people worldwide and claimed the lives of over 1,400 in China—surpassing the toll from the SARS outbreak of 2002-2003. The World Health Organisation (WHO) has officially declared it a global health emergency. The virus, which has now infected people in more than 25 countries, has sent alarm bells ringing across global capital markets. As trade gets disrupted and demand for commodities in China turns soft, Indian companies are likely to feel the heat as well. This could also impact the stock markets. At a macro level, economic consequences of such an outbreak are profound. As per the WTO, China is the biggest exporter and second biggest importer of merchandise. It plays a crucial role in the global value chain as a hub of both demand and supply. It is also India’s largest trading partner, accounting for the biggest share (14%) of imports. Any long-term disruption in the economic activity in China is bound to keep the markets on on tenterhooks. Citi has already downgraded China’s full-year growth forecast from 5.8% to 5.5%.