The Corona virus has already disrupted Chinese trade yet the disease’s recent spread to over 25 countries, Italy being the latest afflicted, has given rise to serious anxiety regarding marketing stability, prompting fears that the disease will negatively impact global growth.
Indeed, global stocks were earlier this morning reported to have taken a huge hit due to the world’s latest epidemic. Business Insider noted several alarming figures in Europe: Germany’s DAX is down by 3.6%, Britain’s FTSE 100 also down by 3.4%, Italy’s FTSE MIB reported a a 4.7% drop and Euro Stoxx 50 also suffering with a markdown of 3.6%.
Similar drops were noticed also in Asia and America, the starkest being South Korea’s KOSPI with 3.7% and US’s Nasdaq with 3.1%. Oil prices are also suffering with West Texas Intermediate down to $55.70 a barrel. Brent crude is also down to $55.70 a barrel, marking a respective 3.8% and 3.9% drop.
The number of afflicted patients has steadily risen to 77,000 over the last few weeks, with total reported fatalities standing at 2,400. The European Union has pledged a total of €230 million to fight the outbreak, targeting global vigilance and focusing heavily on research to provide a vaccine against the virus.