Global markets under pressure over fear of coronavirus spread

Mumbai, Jan 24 (IANS) Fears that the outbreak of coronavirus in China may disrupt economic activity and global growth has sent the stock markets tumbling.Chinese health authorities on Friday said that 830 cases of pneumonia caused by coronavirus were confirmed in 29 provincial-level regions in the country. The pneumonia has so far claimed 25 lives.A sharp adverse reaction from Asian, US and European markets was witnessed because China is entering one of its busiest travel periods on account of its Lunar New Year holiday. The virus outbreak could hurt demand.On Thursday, Chinese stock markets logged its biggest slide in eight months. However, Indian markets closed higher as the oil prices plunged significantly. The global oil benchmark, Brent slipped to $62 a barrel as the virus outbreak in China may dent fuel demand.Meanwhile official sources told IANS that though over 500 Indian students study in Wuhan city's medical colleges and universities, most of them had left for home for the Chinese New Year holidays.Deaths due to the virus have revived memories of the SARS epidemic, caused by a coronavirus, which killed nearly 800 people and infected more than 8,000 others across the world in 2002-2003.
--IANS ravi/sn