Global stock markets roiled as China’s coronavirus spreads

Investors worldwide have been spooked by the rapid spread of the Chinese coronavirus, with stock markets around the globe sharply lower on Monday. The death toll rose to 80 as of the end of Sunday, according to Chinese officials, with more than 2,700 people now infected. A fifth case in the U.S. has now been confirmed and the virus has been detected in Singapore, South Korea, Australia, Canada, France, Japan, Malaysia and Vietnam.

The pan-European Stoxx 600 fell 1.7% early in the trading session, while in the U.S., Dow futures indicated a plunge of almost 400 points at the open on Wall Street. While most markets in Asia were closed for the Lunar New Year, Japan’s Nikkei 225 fell by more than 2% in afternoon trade while the Topix slipped 1.6%.

Traditional so-called safe haven assets surged on Monday. Spot gold was trading up by 0.78% at just below $1,582.6 a troy ounce early in the European session, while the Japanese yen changed hands at 109 against the dollar. The Swiss franc was also among the strongest-performing currencies.

Global stock markets roiled as China’s coronavirus spreads, CNBC, Jan 27