Global share markets are headed for the worst week since the depths of the 2008 financial crisis as investors ditched risky assets on fears the coronavirus would become a pandemic and derail economic growth.
Asian stocks tracked another overnight plunge in Wall Street's benchmarks today with the markets in China, Japan and South Korea all posting heavy losses.
Hopes that the epidemic that started in China would be over in a few months and economic activity would return to normal have been shattered, as new infections reported around the world now surpass those in China.
The three main US stock indexes pared losses and the Nasdaq briefly turned positive on gains in technology stocks.
However, the Dow Jones Industrials slumped more than 1,000 points during the session.
The worsening global threat from the virus prompted investors to rapidly step up bets the U.S. Federal Reserve would need to cut interest rates as soon as next month to support economic growth.
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