European stocks, oil tumble as China virus rattles markets

LONDON: European stocks and oil plunged on Monday as panicked investors fled risky assets for safer bets gold, bonds, the dollar and the yen, after China warned that a deadly new coronavirus was spreading fast.

Analysts said there were growing fears the crisis could become as bad as the Severe Acute Respiratory Syndrome outbreak that hammered markets and the global economy in 2003. The outbreak has led China to lock down the epicentre of the disease, Wuhan - a city of 11 million people - while imposing tight travel restrictions on a number of other cities including Beijing.

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