Equity markets on March 12 plunged to its lowest in decades after US President Donald Trump banned European travellers from entering the country. According to reports, the European Central Bank failed to curb investors' fear despite unveiling measures to support the economy. Oil prices also dropped sharply after the move rapidly increased the fear of recession.
According to reports, Frankfurt recorded its blackest day since 1989 when the Berlin wall fell, while London too recorded its worst day since 1987 crash. Meanwhile, Milan stocks fell by 16.9 per cent after Italy announced a nationwide lockdown. Paris reportedly recorded its worst one-day fall. Asian markets are also facing the wrath of coronavirus as Indian share markets for the first time since 2009 were forced to halt trading for 45 minutes. Tokyo's Nikkei was down by 4.4 per cent while Hong Kong's Hang Seng was down by 3.7 per cent.
The world is scrambling to battle the coronavirus outbreak as the pandemic has claimed more than 4,980 lives globally. The COVID-19 has infected more than 1,35,000 people across the globe since the disease first broke out in December last year. According to reports, the new coronavirus originated from a seafood market in China's Wuhan city, where animals were reportedly being traded illegally. Italy on Friday became the second country after China to record more than 1,000 coronavirus-related deaths. Iran is the third most affected country followed by Spain and South Korea.
As per reports, many countries across the world have put restrictions on non-essential travelling, with some sealing their borders completely. The World Health Organisation has said that 127 countries and territories have reported coronavirus cases so far, of which 55 countries have reported 10 or fewer cases. According to WHO, there are still 77 countries and territories that have not reported any cases of coronavirus.