Markets tumble as coronavirus cases grow in the US and northern Italy

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    The number of cases of the novel coronavirus has risen to more than 108,000 globally, with at least 27,000 cases outside of China, as the economic trauma caused by the outbreak continues to impact global share markets. At least 3,821 people have died as a result of the virus so far, with the majority in mainland China. But figures outside of the country where the virus was first reported are growing, even as China slowly starts to get back to normal. Almost 100 countries and territories have now confirmed cases, and dozens of deaths have occurred in Italy, Iran and South Korea. Italian authorities have placed much of the northern part of the country on lockdown, affecting nearly 15 million people, while other regions will face varying forms of travel restrictions. More than 7,300 cases and 366 deaths have been confirmed in Italy.

    In neighboring France, the number of cases has grown to over 1,100, with at least 19 deaths, as fears of a Europe-wide epidemic continue to grow. Germany and Spain have both also reported hundreds of cases. Markets tumbled overnight Sunday in the US, with Dow futures falling more than 1,000 points and the S&P 500 plunging as much as 5%, triggering a limit that prevents futures trading below that mark. The sell-off continued across Asia-Pacific, where both Australian and Japanese markets fell on Monday opening. Wall Street has faced heavy losses for the past several weeks due to fears surrounding the coronavirus. During the last week of February, US stocks had their worst week since the financial crisis, and the economic disruption caused by the virus doesn’t appear to be letting up.

    Source : CNN

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