After the Coronavirus hit the US imposed a travel ban on Europe, stock markets around the world rattled as the economic crisis fears further strengthened. As a result, bourses continued to bleed red which already faces a bearish trend due to the pandemic.
Among the Asian markets, Honk Kong took a dip of 3.5%, Shanghai 1.6%, Mumbai 7%, Bangkok 8%, Manila 6%, Tokyo 4.4%, whereas Seoul, Singapore and Jakarta went down by 3%.
On the other end, Sydney had its worst day since the 2008 economic recession and took a downfall of 7.4%. Dow Jones in New York also came under pressure from the travel ban – that excludes Britain – and lost a few more points on the index with a total of 20% loss in recent days.
The most hurt industries remain to be travel and oil, and Thursday was no different. Oil prices in the US further dropped by 6% as Coronavirus coupled with Saudi-Russia fallout on prices, added to the pressure prevailing in the market.