Fresh fears as coronavirus pushes past Asia, trigger global market tumble

Traders work on the floor at the New York Stock Exchange (NYSE). (Photo: KUT.org)

The Dow Jones Industrial Average lost over 1,000 points on Monday (Feb. 24) as investors were scurrying to sell-off in markets worldwide amid the continuing novel coronavirus outbreak.

The Dow Jones’ losses wiped out all its gains for the year, and the benchmark S&P 500, is on track for its worst day in more than two years.

The decline comes after 20 major economies warned the Wuhan coronavirus is threatening to derail world growth.

The nightmare is being felt all over.

The CAC 40 in Paris lost 3.7% to 5,806 (points) while Britain’s FTSE 100 sank 3.5% to 7,147. In Germany, the DAX fell 3.6% to 13,086. The already reeling Italy, with a surge in new cases of the new disease, was dealt another blow as its FTSE MIB dropped 4.6% to 23,620.

South Korea, another country struggling as cases of the coronavirus spiked over the weekend, saw its benchmark Kospi fall 3.9% to 2,079.04.

The latest measures in China, the epicentre of the deadly outbreak, failed to lift the Shanghai Composite, which lost 0.3% to 3,031.23

Elsewhere in the region, Benchmarks in Jakarta, Taiwan and Singapore fell by more than 1%. The Sensex in India lost 1.2% to 40,689.12, while Sydney’s S&P ASX/200 dropped 2.3% to 6,978.30. Hong Kong’s Hang Seng dropped 1.8% to 26,820.88 and Thailand’s SET index lost 2.5%.

Japan’s markets were closed for a holiday.