World shares fell on Thursday, led by the biggest decline in Chinese stocks in more than eight months, as concern mounted about the spread of a deadly virus in China.
David Pollard reports.
Global markets: virus fears keep stocks red
Asian stocks went to red alert as fears spiked on Thursday (January 23) over the coronavirus.
Hong Kong's Hang Seng and the Shanghai Composite both slipped 1.5% as cases were detected across the region and in the United States.
China has put a lockdown on Wuhan, seen as the epicentre of the outbreak.
Urban transport networks will be shut and outgoing flights suspended.
The wider fear of the virus spreading has sent a chill through airline and travel stocks and luxury goods makers - all sectors posting sharp losses.
Europe on Thursday was turning its attention to the European Central Bank.
In its first policy meeting of the year, chief Christine Lagarde was tipped to launch a sweeping policy review.
In the meantime, though, most bourses were showing early losses ... And oil was slipping on fears the virus could stunt demand.
Brent and WTI futures both at seven-week lows.
The World Health Organization has been debating whether to declare a global health emergency.
IF it does, it will be only the sixth international emergency declared in the last decade.
WHO Director-General Tedros Adhanom Ghebreyesus said a declaration would come, only after heavy deliberation.
(SOUNDBITE) (English) WORLD HEALTH ORGANIZATION DIRECTOR-GENERAL, TEDROS ADHANOM GHEBREYESUS, SAYING: "The decision about whether or not to declare a public health emergency of international concern is one I take extremely seriously and one am only prepared to make with appropriate consideration of all the evidence." Foreign exchange markets haven't escaped the fallout.
China's yuan was set to clock its largest weekly drop in five-and-a-half months on virus jitters as nervous investors traded it in for the yen and other safe haven assets.