Stocks and oil slump on fears over China virus outbreak – as it happened

Global equity sell-off deepens and oil falls below $59 as death toll from coronavirus rises, sparking fears over economic impact

• European stocks give up all their 2020 gains
• Closing summary
• UK mortgage approvals hit 4 1/2-year high

2.59pm GMT

Global stock and commodity markets have been rocked by the coronavirus outbreak in China, as the death toll and infection rates continue to climb and the outbreak has spread to 10 other countries, including France, Japan and the US.

It took one day for European stocks to give up all their gains so far this year. Investors are fretting about the impact on travel, tourism and the wider economy. The common view is that economic output is likely to be hit in the short term, as Chinese authorities have widened travel restrictions and extended the lunar new year holiday by three days until Sunday to contain the outbreak. China's Shenzhen stock exchange says it will re-open next Monday.

2.39pm GMT

There are also heavy losses on Wall Street after the opening bell.