Markets fell again on Tuesday as the spread of coronavirus outside China sparked fears of a hit to supply chains and global economic growth.
- European stocks ended lower, as stocks fell sharply for a second successive session this week, amid mounting worries about the impact of the rapidly spreading coronavirus in Italy and a few other parts of the globe.
- US stocks Following the sell-off seen in the previous session, stocks showed another substantial move to the downside during trading. With the continued decline, the Dow tumbled to its lowest closing level in nearly four months.
- Asian stocks ended mixed as the pace of new coronavirus infections slowed in China and South Korea said it aims to test more than 200,000 members of a church at the center of a surge in coronavirus cases.
- Oil prices dropped more than 1% on Tuesday, falling for the third consecutive session, amid persistent concerns about slowing oil demand as coronavirus cases spread beyond China. A large increase in Italian cases have deepened concerns about an economic disruption in Europe and sparked fears of slower demand there. In addition to Italy, the number of infections continued to rise in Iran and South Korea, exacerbating worries that the new virus will grow into a pandemic. Keeping a floor under prices were involuntary production curbs in Libya and prospects for deeper OPEC output cuts to support the market. US crude dropped as much as 1.8% to 50.46 a barrel while Brent fell nearly 1.3% to 55.62 a barrel.
- The Manufacturing Activity Index in the US fifth district including the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia decreased to -2 in February of 2020 from 20 in the previous month, missing market expectations of 13.
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