Fears over the global economic impact of the deadly coronavirus send oil prices plunging more than two per cent, while safe-haven assets including gold have rallied
Quarantine staff monitor a thermal scanner at Dominique Edward Osok Airport in West Papua, Indonesia January 26, 2020.
The outbreak of the coronavirus has led China to lock down the epicentre of the disease Wuhan – a city of 11 million people – while imposing tight travel restrictions on a number of other cities including Beijing. The outbreak has led to the cancellation of Lunar New Year festivities, along with temporary closures of Beijing's Forbidden City, Shanghai's Disneyland and a section of the Great Wall.
He added: "Unlike 2003 where SARS was less impactful on the developed world market, the rest of the world could feel the pinch this time around."If the new virus has the same impact on China as SARS, the falls could be worse then projected, Innes said, because consumption is a bigger part of the country's economy and its overall growth trajectory is weaker.
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