Coronavirus Reaches Europe, U.S., Africa, Markets Preparing for Global Recession

Coronavirus Reaches Europe, U.S., Africa, Markets Preparing for Global Recession

Nations on three continents registered their first cases of the coronavirus Friday as the world prepared for a health emergency, and investors left equities in expectation of a global recession.

Coronavirus Reaches Europe, U.S., Africa, Markets Preparing for Global Recession

Share prices had been on track for the worst week since the world recession in 2008 as a virus-related disturbance to international travel and supply networks sparked fears of a recession in the U.S. and the Eurozone.

Asian stocks followed a dip on Wall Street, where the benchmark S&P 500 index dropped over 4% on Thursday, extending a rout that has sliced over 10% off of its closing high on February 19.

Mainland China – where the virus stemmed in December 2019- recorded 327 new cases, the lowest since January 23, taking its tally to over 78,800 cases with nearly 2,800 deaths.

Four more nations recorded first cases, taking the number of nations and territories outside China with infections to 55, wit over 4,200 cases killing nearly 70 people.

An Italian man who landed in Nigeria this week was tested positive for coronavirus, first in Africa’s most populous nation. And a person who took a flight from Iran became the first in New Zealand.

World Well being Organization (WHO) Director-General Tedros Adhanom Ghebreyesus stated all nations ought to prepare.

Rating agency Moody’s stated an outbreak – normally taken to mean a disease spreading rapidly in different places – would tip global and U.S. economies into recessions in the first half of the year.

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