Stocks, oil prices slide as virus sweeps globe

Heavy selling followed another rout Tuesday on Wall Street where all three main indices lost around three percent after officials said COVID-19 would likely take hold in the United States.

London's benchmark FTSE 100 index dropped below 7,000 points, erasing all gains won over the past year, while oil prices slid to the lowest levels in more than a year. French food giant Danone said it expected to take a hit of 100 million euros in first-quarter sales. With panicked investors seeking out safe havens, the yield on both 10-year and 30-year US Treasury bills are at record lows, while the Japanese yen is gaining.

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