World stocks follow Wall Street lower on renewed virus fears

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BEIJING (AP): Global stock markets followed Wall Street lower Friday (Feb 21) after a spike in new virus cases in South Korea refuelled investor anxiety about China's disease outbreak.

Benchmarks in Tokyo, Hong Kong and Sydney retreated and London and Frankfurt opened lower. Shanghai advanced.Bond markets are"sounding a warning on global growth” as virus fears spread to South Korea, Singapore and other economies, DBS analysts said in a report.

In early trading, the FTSE 100 in London sank 0.5% to 7,402.58 and Frankfurt's DAX lost 0.4% to 13,606.41. France's CAC 40 tumbled 0.6% to 6,019.63. Gold touched its highest price since early 2013, gaining $14.50 to $1.634.30. The 10-year Treasury’s yield sank to 1.49% from 1.57% late Wednesday. The Korea Centers for Disease Control and Prevention said 41 of the new 52 cases were in the southeastern city of Daegu and the surrounding region.

The decline"underlines that the coronavirus has started to weaken activity, ” Marcel Thieliant of Capital Economics said in a report.

 

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