Business

Coronavirus: Global Stock Markets Tumbled on Friday

Coronavirus: Global Stock Markets Tumbled on Friday

The global stock market succumbed to fast-spreading coronavirus as more cases of the virus are being reported on a daily basis.

Apart from global oil prices trading at a two-year low of $47.75 on Friday, European Shares opened lower and traded at a 2.4 percent decline as at 0856GMT.

Also, German traded stock, DAX, slid 2.4 percent while British FTSE 100 declined by 1,8 percent. French stock, CAC 40, added another 2.4 percent decline on Friday to highlight the danger of the fast-spreading virus on investors’ portfolios.

The MSCI index that measures the performance of stocks in 47 countries declined by 0.72 percent despite US Federal Reserves cutting interest rates by 50 basis points to enhance activities.

“The interplay of virus containment fears and stimulus measures means that in the near term we expect market volatility to persist,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.

Asia-Pacific’s MSCI index outside Japan fell 2.1 percent with Japan’s Nikkei dipping by 2.94 percent. Australia added 2.44 percent decline.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.