Reportedly global stock markets tumbled on friday as disruptions to business from the spreading coronavirus epidemic worsened, stoking fears of a prolonged economic slowdown. european shares opened sharply lower, with travel stocks bearing the brunt. The pan-European STOXX 600 index was down 2.4 per cent by 0856 GMT.
Germany's DAX slid 2.4 per cent, Britain's FTSE 100 fell 1.8 per cent and France's CAC 40 fell 2.4 per cent.The MSCI All-Country World Index, which tracks shares across 47 countries, was down 0.72 per cent.After marking their worst weekly performance since the 2008 financial crisis, global stocks as measured by the index are up 1.7 per cent this week, as sentiment recovered on the back of stimulus from policymakers to combat the economic fallout of the virus.
The US Federal Reserve made an emergency interest rate cut of 50 basis points earlier this week. The bank of canada and the Reserve bank of australia also cut rates, with investors expecting other major central banks to soon follow suit. Officials and companies in britain, france, italy and the united states are struggling to deal with a steady rise in virus infections that have in some cases triggered corporate defaults, office evacuations, and panic buying of daily necessities.The outbreak spread across the united states on thursday, surfacing in at least four new states.
