STOCK markets are set to plunge around the world as coronavirus cases surged in Italy and South Korea.
Two more major world economies are now at risk from the virus that has already caused chaos in China, with future indexes suggesting a decline of 2.7 percent for US stocks when trading begins on Wall Street.
The Italian stock market tumbled by 4.5 percent after the number of cases of the deadly virus topped 200.
Italian authorities are scrambling to contain the rapid spread of the virus, as all major soccer matches were called off in the Lombardy region as well as cinemas and theatres.
In South Korea, the number of confirmed cases jumped to 763 on Monday, as South Korea's Kospi (KOSPI) index was down 3.9 percent in its worst day of trading since October 2018.
In the US, the Dow went down more than 800 points, with the S&P 500 experiencing a 2.7 percent loss and Nasdaq seeing a hit of 3.3 percent.
In Europe, London's FTSE fell 3.4 percent, Germany's DAX plunged 3.7 percent and France's CAC fell 3.7 percent.
The virus has also hit oil prices as US futures fell 3.6 percent to trade at $51.57 per barel, as fears grow that the pandemic will reduce demand for energy.
Investors rushed to invest in safe havens like gold, where prices increased by 2.6 percent, a 7-year high.
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Companies fear that the coronavirus will prevent them from meeting sales or profit targets for the first three months of the year.
The reduced need for goods and services, as well as factory closures in China, are expected to knock the global economy in a period where both Germany and Japan could enter a recession.
The number of deaths related to the coronavirus has risen to more than 2,620 worldwide, with 30 of those outside Mainland China.
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