U.S. equity markets clawed back from a 600+ point drop Friday heading into the Iowa caucuses. The gains helped the major averages win back about a quarter of the losses suffered on Friday as the number of confirmed cases of coronavirus surged. Stocks received a boost from the Institute for Supply Management manufacturing survey, which printed at 50.9, its strongest since July.
Stock markets in China have seen the biggest daily fall for five years as traders rushed to sell amid continued fears about the impact on the global economy of the coronavirus epidemic.
I-Mab Biopharma Co., a Chinese drug developer, has launched what is set to be the first U.S. initial public offering by a Chinese biotech company in more than two years. I-Mab started taking orders on Monday for the IPO, which could raise as much as $111 million -- down from the $200 million people familiar with the matter said last year. If the deal goes through, it will be the first U.S. listing by a Chinese biotech company since Zai Lab Ltd.’s $173 million offering in 2017.