A foreign currency dealer at Hana Bank in Seoul, South Korea, on Friday, February 28 2020. Picture: BLOOMBERG/SEONG-JOON CHO
Hopes that the epidemic that started in China would be over in months, and that economic activity would quickly return to normal have been shattered this week as the number of international cases have spiraled. Disruptions to international travel and supply chains, school closures and cancellations of major events have all blackened the outlook for a world economy that was already struggling with the US-China trade-war fallout
The CBOE volatility index, often called the “fear index”, jumped to 39.16, its highest in about two years, well out of the 11-20 range of recent months. The index, which measures expected swings in US shares in the next 30 days, typically shoots up to about 50 when bear market selling hits its heaviest and approached almost 90 during the 2008/2009 financial crisis.In Asia, MSCI’s regional index excluding Japan shed 2.7%. Japan’s Nikkei slumped 4.
The global rout knocked mainland Chinese shares, which have been relatively well supported this month, as new coronavirus cases in the country fell and Beijing doled out measures to shore up economic growth.
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