Stocks in Japan were set to decline on Friday following an overnight plunge on Wall Street amid fears of the economic hit that could result from the ongoing coronavirus outbreak that is spreading beyond China.
as the country witnessed a spike in the number of coronavirus cases in recent days. Seoul raised the coronavirus alert to the "highest level" over the weekend, with South Korea now the country with the most cases outside mainland China.Yonhap reported Tuesday
. The Composite Consumer Sentiment Index for February fell to 96.9, declining 7.3 points from its reading in January, according to data from the Bank of Korea. Outside of Asia, Italy has also seen a surge in the number of infected, with at least 130 reported cases. "The jump in cases outside of China raises the risk of a sharper Q1 2020 global economic slowdown," Kim Mundy, currency strategist at Commonwealth Bank of Australia, wrote in a note. "It also raises the risk that the economic disruption is more prolonged."
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