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European markets decline further amid spread of coronavirus

European markets to decline further amid rapid spread of coronavirus.

European stocks fall on Thursday as the rapid spread of the new coronavirus continues to dominate market sentiments.

According to IG, the markets expected London’s FTSE to open 144 points lower at 6,869. The German DAX was 319 points lower at 12,454. The French CAC dropped 5,545 points, and Italy’s FTSE MIB also dropped 507 points at 22,836.

The rapid spread of the coronavirus- which has now infected more than 81,000 people and killed more than 2,700- continues to rattle markets and policymakers globally.

According to China’s National Health Commission, there were 433 new confirmed cases and 29 more deaths as of Fen. 26.

On Thursday morning, South Korea confirmed a surge of 334 more cases bringing the country’s total to 1,595. South Korea is where there is the second-largest outbreak after China.

For a second time in Japan, a lady has tested positive. Asia Pacific markets dropped mostly in the Thursday afternoon trade.

Meanwhile, Donald Trump said on Wednesday that the Vice President- Mike Pence would be in charge of the U.S. response to the virus outbreak.

Attention remains on the escalation of cases in Italy

In Europe, attention remains on the escalation of cases in Italy; 424 people infected from the initial three last Friday, and 12 have died.

Although most infection cases remain concentrated in the North, the virus has spread to a handful of other regions like Punglia and Sicily in the far South.

Trump said the U.S could restrict travel to Italy and South Korea but would not do so yet.

Jens Spahn- Germany’s Health Minister said his country was at the beginning of a coronavirus epidemic after new cases sprung up and could not trace it to the source in China.

On Thursday, European Earnings come from WPP, Standard Chartered, LafargeHolcim, RSA Group, Aston Martin Lagonda, Bovis Homes, AB Inbev, and Zalando.

Eurozone data on consumer confidence and economic sentiments for Feb and flash inflation data for Spain in Feb are due.

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