Stocks fall as coronavirus fears hit global markets
Shares on Wall Street tumble after surge in cases of virus in Italy
Financial markets around the globe slumped on Monday as news of the Italian coronavirus outbreak wiped 62bn off the value of the FTSE 100 and shares on Wall Street tumbled.
Shares came under heavy selling pressure in key markets as analysts warned that the threat of tougher quarantine measures outside China to prevent the spread of the disease would hit company profits by hitting supply chains and consumer demand. Investors rushed to buy "safe haven" investments such as gold to protect against steep losses on the stock markets, sending the price of the precious metal to a seven-year high of $1,683 (1,303) an ounce.
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