'A true black swan' — stocks and oil slump as Wuhan coronavirus hammers markets
Stocks and oil slumped and gold climbed on Monday as the rapid spread of Wuhan coronavirus spurred traders to seek haven assets.
The virus has infected more than 2,700 people, killed 80, and spread to more than a dozen countries including the US, France, and Canada. "The problem is for most investors this is just not a risk event they are prepared for – a true black swan in the making," one analyst said.Stocks and oil tumbled and gold climbed on Monday as traders scrambled to find havens amid the rapid spread of Wuhan coronavirus.. It has spread from Wuhan, China, to multiple Asian countries as well as the US, Canada, France, and Australia.
Tourism and retail stocks that rely on Chinese demand dropped sharply. Shares in Burberry, cruise-giant Carnival, and British Airways-owner International Consolidated Airlines Group fell by more than 4.5%. Meanwhile, demand for government bonds pushed 10-year US Treasury yields to their lowest level since October.
"The virus has become deadly and it has caused a major panic in markets," Naeem Aslam, chief market analyst at AvaTrade, said in a morning note. "Shocks to the Chinese economy always have ripple effects and the commodity markets are deeply affected by it.""The problem is for most investors this is just not a risk event they are prepared for – a true black swan in the making," Neil Wilson, chief market analyst for Markets.com, said in a morning note.
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