KEY POINTS...
- "Our team has GDP growth at zero for the first quarter," said Evercore ISI Chairman Ed Hyman. "China is really slowing and that's worrying people for sure."
- Hyman said the fast-spreading virus will not have much of an impact on the U.S. economy.
- "We are so solid," Hyman said. "It's not the virus, it's the trade that matters. People are not going out. They are not shopping, and that's what's hurting particularly China."
Edward 'Ed' Hyman, chairman of Evercore Partners Inc.Christopher Goodney | Bloomberg | Getty ImagesEvercore ISI Chairman Ed Hyman said he sees no economic growth in China in the first quarter due to the deadly coronavirus.The market pullback Friday "is still a worry about the virus," Hyman said on CNBC's
"Squawk on the Street."[1] "Our team has GDP growth at zero for the first quarter ... China is really slowing and that's worrying people for sure."Hyman, who has been ranked the top economist in Institutional Investor's annual poll for more than three decades, said the fast-spreading virus will not have much of an impact on the U.S. economy. "We are so solid," Hyman said. "It's not the virus, it's the trade that matters. People are not going out. They are not shopping, and that's what's hurting particularly China."Amid a trade war with the U.S., China's economy grew by 6.1% in 2019, its slowest pace since 1990.Fears about the coronavirus disrupting the global economy roiled the financial markets last week, with the
Dow Jones Industrial Average[2] dropping more than 700 points. Stocks rebounded earlier this week, but the lingering concerns about the epidemic weighed on the market again Friday.China's National Health Commission on Friday confirmed 31,131 cases
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