Stocks Fall on Worries That the Coronavirus May Hurt Growth

SHANGHAI — Spreading coronavirus outbreaks in Italy and in South Korea over the weekend incited broad slides in stock markets on Monday, as investors appeared to fear that the economic disruption already seen in China might affect other economies as well.

The South Korean market ended 3.9 percent lower, after a surge in cases of the coronavirus disease prompted President Moon Jae-in on Sunday to put the country on its highest level of alert.

In Europe, most stock markets were down more than 3 percent. The FTSE MIB index, which measures stocks on the Borsa Italiana in Milan, fell 4.3 percent. The Italian government locked down at least 10 towns over the weekend near Milan, the country’s financial capital and a key industrial center, after scores of new cases emerged there.

Futures markets suggested Wall Street was headed to a rough Monday opening as well.

Stock markets in Asia dropped beyond South Korea, although somewhat less. The Australian market fell over 2 percent. The Hong Kong market was trading 1.8 percent lower on Monday afternoon, while the Singapore market was down a little more than 1 percent.

Article source: https://www.nytimes.com/2020/02/24/business/global-markets.html