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Stock Markets Take a Dip as Trump Imposes Travel Ban on Europe

Amid the Coronavirus outbreak, bourses around the globe continue to bleed red

Stock MarketsHonk Kong took a dip of 3.5%, Shanghai 1.6%, Mumbai 7%, Bangkok 8%, Manila 6%, Tokyo 4.4% - OyeYeah News
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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.

the authorAisha Arshad