World shares slipped off 21-month highs on Wednesday as the prospect of a US interest rate cut was offset by reports a Sino-US trade deal may be delayed,
Most European and US markets followed Asia lower after Hong Kong slumped 2.8 per cent by the close and Shanghai ended with a loss of 1.4 per cent.
More than 570 people have been infected with the coronavirus across China and Wuhan, the city at the centre of the outbreak, has been placed under effective quarantine.
Taiwan shut down its financial markets and ordered schools closed on Monday as a typhoon approached its northeastern coast, while airlines cancelled more than 150 flights amid
The new coronavirus epidemic poses a “serious threat” and will slow growth in the world economy to below the 2.9 per cent posted last year, IMF chief Kristalina Georgieva said on Wednesday.
Global shares rallied on Friday, hitting weekly highs, on signs of improving Sino-American relations and the prospect of more governments gradually reopening their economies.
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While several countries are suffering a fresh surge in infections — particularly the United States — the ongoing easing of lockdown measures and reopening of economies has been the key driver of a months-long surge across equities.