Global stocks slide to two-week low on China virus fears, safe havens gain | Malay Mail

Tuesday, 28 Jan 2020 07:20 AM MYT

Crude prices dropped below US$60 a barrel for the first time in nearly three months, while gold prices surged 1 per cent to nearly a three-week high before paring gains. MSCI's gauge of stocks across the globe shed 1.62 per cent to a three-week low, while its emerging market index lost 1.59 per cent. The Nasdaq had its biggest one-day decline since August 23 while for the Dow it was the biggest since October 2, closing lower for a fifth straight day in its longest losing streak since a five-day decline ending last August. The S&P 500 also posted its biggest daily drop since October 2.

“The market was due for a fall and coronavirus is a perfect case of an unknown unknown. An increase in uncertainty causes the market to fall but the real question here does it affect the global economy?” he said.

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