Coronavirus leads to worst week for markets since financial crisis

Source: The Guardian

February 29, 2020 at 04:06

A currency trader in Seoul, South Korea. The plunging markets reflect growing fear over an unfolding economic catastrophe. Photograph: Ahn Young-joon/AP

More than $5tn wiped off global stocks with travel, retail and manufacturing all hit

The rapid spread of the coronavirus has triggered the biggest plunge in global stock markets since the financial crisis, amid rising fears over the impact on the world economy of the deadly disease and the efforts to contain it.

An increasing number of countries and companies are imposing tough measures to limit the spread of the Covid-19 disease, with mounting costs for company profits and growth.

The outbreak has led to the fastest reversal for the stock market since 1933 during the Great Depression. Wall Street has slumped from record-breaking highs to the lowest point since 2016, with more than $5tn (£3.9tn) wiped off the value of global markets over the past week alone.

The economic consequences are becoming increasingly evident in a fast-moving crisis.

Read More (...)