Global Stocks Lose $3trn as Coronavirus Spreads Outside China

• Global Stocks Lose $3trn as Coronavirus Spreads Outside China

Global stocks lost a total of $3 trillion this week following the report that coronavirus is spreading fast outside the outbreak nation, China.

Several reports have said the number of infected people have risen in South Korea, Iran, Japan, Italy and other nations.

The US Treasuries yields hit record low on Wednesday as investors fear the outbreak could become a pandemic.

European stock, STOXX 600 index declined by 2.5 percent while the blue-chip index in Italy, the worst-hit nation in the entire Euro-area, sank the most as several companies issued a warning of potential damage to earnings.

In the US, Microsoft became the second global company to warn of likely disappoint first-quarter results after Apple. The company’s Frankfurt listed shares were down by 3 percent.

Altogether, global stocks have now declined for six consecutive days while Wall Street’s volatility gauge has risen to 2018 highs.