WUHAN: Global stock markets and oil prices plunged Monday as panicked investors bolted into safer assets such as gold after China warned that the spread of a deadly new coronavirus was accelerating. All sectors were hit but luxury goods makers and airlines suffered particularly as Chinese tourist spending is a key factor for them. Wall Street opened lower, quickly losing nearly two per cent as the global sell-off continued, adding to the pressure on Europe. Oil prices were down around 2.5 per cent, coming off early lows hit on concerns over demand from the world’s top energy consumer China. Most Asian markets were closed for the Lunar New Year break but Tokyo was open and fell two per cent.

Source: Pakistan Today January 27, 2020 04:18 UTC