Rising fears of a pandemic, which U.S. health authorities have warned is likely, had already wiped more than $3.6 trillion from global stock markets by Wednesday's close.
South Korea reported 334 new cases on Thursday, its largest daily rise since its first case was confirmed on Jan. 20. China reported 433 new infections. "The market was complacent until last week as central banks and governments were at the rescue," said Desh Peramunetilleke, head of microstrategy at Jefferies in Hong Kong.
U.S. stock futures fell as far as 1% as he spoke, while European stock futures fell 2% in Asian trade, suggesting a possible catch-up drop in stocks there. New Zealand's government said on Thursday it might need to pump money into its economy, where China accounts for about a quarter of exports, should the fallout cause a global recession."The economic risks from extended disruption are non-linear," Capital's chief Asia economist and its senior China economist, Mark Williams and Julian Evans-Pritchard, said in a note.
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