A worker, wearing a protective suit, reacts in front of an infrared temperature machine in the lobby of the Shanghai Stock Exchange on Friday. Associated Press
Stock markets and oil prices collapsed on Friday as investors panicked over the devastating damage of the coronvavirus to global economic growth, dealers said.
The world’s largest economies delivered more worrisome cues on Monday as anxiety over the virus outbreak sent stock and oil prices plunging and closed sites from the Sistine Chapel to Mideast schools.
Most stock markets sink on Monday with investors worried over the impact of China’s coronavirus outbreak on the global economy. In afternoon European trades, London and Paris were both down 0.4 per cent, while Frankfurt slid 0.3 per cent.
Russian President Vladimir Putin, US President Donald Trump and Saudi Arabia's King Salman, discussed the OPEC+ oil group meeting in a phone call on Friday and confirmed their aim was to stabilise the global oil trade, the Kremlin said.
In support of the international efforts to address the Covid-19 pandemic, The Ministry of Finance (MoF) participated in the virtual G20 meetings, which took place over the past three days.
The pandemic sweeping the world will turn global economic growth “sharply negative” in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the head of the International Monetary Fund said.