Stock prices and bond yields tumbled as a surge of new coronavirus cases outside China shook investor hopes that the outbreak had been contained.
Europe bore the brunt of the sell-off as fears over the impact of the virus on the global economy spread, with UK stocks having their worst day for five years and Italy’s MIB index dropping 5.4 per cent, its largest fall since 2016.
In the US, the S&P 500 was down 3 per cent at midday and the tech-heavy Nasdaq lost 3.5 per cent, the worst showing since August for both benchmarks. Investors flocked to the safety of government debt, pushing the yield on the US 10-year Treasury bond down 11 basis points to 1.36 per cent, a touch above its record low.
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