It's the market risk that no one wants to talk about: bird flu.
An unusual strain of avian flu has already killed six people in China, leading the government to kill more than 20,000 birds in Shanghai. The virus is known as H7N9, and it is the same type of virus (Influenza A) as both the H1N1 "swine flu" that became a pandemic in 2009, and the H5N1 "bird flu" that has killed over 550 people since 2003.
The effects of this latest bird flu can already be seen in Chinese stocks, especially those in the travel or vacation business. Chinese Eastern Airlines and Chinese Southern Airlines were both sold off hard on Friday, as were Macau casino stocks like Melco Crown and Las Vegas Sands. The Hang Seng index dropped almost three percent on Friday, largely on bird flu fears.