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Coronavirus: Shares face worst week since global financial crisis Coronavirus: Shares face worst week since global financial crisis
(32 minutes later)
Stock markets across the globe are suffering their worst week since the global financial crisis of 2008. Stock markets across the globe are suffering their worst week since the global financial crisis of 2008 as fears over the impact of the coronavirus continue to grip investors.
Asian markets have reacted badly as the coronavirus outbreak spreads across Europe and unsettles investors. Markets in Europe fell sharply on Friday morning, with London's FTSE 100 index sinking more than 3%.
On Wall Street, the Dow Jones index fell almost 1,200 points on Thursday - its biggest ever daily points-drop. Asian markets saw more big falls, while in the US, the Dow Jones recorded its biggest daily points drop on Thursday.
This rattled investors across Asia on Friday - with big drops on Japanese, Australian, Korean, Chinese and Indian markets. Investors are worried the coronavirus impact could spark a global recession.
In Japan, the Nikkei 225 index fell 3.7% on Friday - and is down more than 9% for this week.
Australia's main shares index, the ASX200, fell by more than 3.3% on Friday, also suffering its biggest fall since the financial crisis of 2008.
The news of more coronavirus cases, notably in Italy, has raised concerns of a much larger economic impact than previously expected.The news of more coronavirus cases, notably in Italy, has raised concerns of a much larger economic impact than previously expected.
"Markets were too optimistic, and now may be too pessimistic," said Iris Pang, Greater China economist at ING. "Markets were too optimistic and now may be too pessimistic," said Iris Pang, Greater China economist at ING.
"Asian markets have been slow to react to Covid-19 because markets previously believed that this is a Greater China issue - until the infection cases in South Korea and Japan begun to rise steeply."
Indian stock markets also fell heavily on Friday with the Nifty 50 and Sensex indices both down by around 3%.
Asian stock markets reacted badly when the outbreak emerged in China but had stabilised - until now. China's Shanghai Composite index fell 3.7% on Friday.
"While the coronavirus outbreak has been around for some weeks, the extent to which we can contain the spread and the economic impact was still largely uncertain," said Bernard Aw, principal economist at IHS Markit.
"Manufacturing surveys showed a mixed impact from coronavirus-related disruptions, with Japan and Australia more affected than the US and Europe."
Mayank Mishra, a strategist at Standard Chartered Bank, added: "Previously the market had taken some comfort in the falling infection rates in China as a result of containment measures put in place earlier.Mayank Mishra, a strategist at Standard Chartered Bank, added: "Previously the market had taken some comfort in the falling infection rates in China as a result of containment measures put in place earlier.
"But the spread of the coronavirus infection outside China with clusters emerging in South Korea, Italy and Japan has increased concerns significantly." "But the spread of the coronavirus infection outside China, with clusters emerging in South Korea, Italy and Japan, has increased concerns significantly."
South Korea's Kospi shares index fell 3.3% on Friday. All the main European share indexes saw big falls as trading got under way on Friday, with Germany's Dax index opening down 3.6% and France's Cac 40 index falling 3.1%.
Earlier in Asia, Japan's Nikkei 225 index fell 3.7%, meaning it is down more than 9% for this week.
Australia's main share index, the ASX200, fell by more than 3.3% on Friday, also suffering its biggest fall since the financial crisis of 2008.
Indian stock markets also fell heavily on Friday, with the Nifty 50 and Sensex indices both down by around 3%.
Asian stock markets reacted badly when the outbreak emerged in China, but had stabilised - until now. China's Shanghai Composite index fell 3.7% on Friday.