LONDON: Global stock markets slumped on Tuesday (Jan 21) as a SARS-like virus taking hold in China spooked investors, while sentiment suffered a knock also from a credit-ratings downgrade to major financial hub Hong Kong, analysts said. London's benchmark FTSE 100 index was down 1.1% in late morning deals, after Hong Kong had slumped 2.8 percent by the close and Shanghai ended with a loss of 1.4 percent. Moody's has lowered its credit rating on Hong Kong, that has likely fallen into recession owing to the unrest as well as the China-US trade war. The number of people in China infected by a new SARS-like virus jumped to 291 on Tuesday, according to authorities. Tourism-linked shares plunged in Hong Kong, with Cathay Pacific losing more than four percent and casino operator Wynn Macau down 4.8 percent.
Source: The Star January 21, 2020 11:48 UTC