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Stocks, oil prices plunge as coronavirus virus closes sites around world

The world’s largest economies delivered more worrisome cues Monday as anxiety over the virus outbreak sent stock and oil prices plunging and closed sites from the Sistine Chapel to Saudi Arabian schools, the Associated Press reports.

Shares in Asia and the Mideast and U.S. futures were down sharply, reports on the health of the economies of Japan and China stirred more unease, and the downturn was being felt by people around the world.

According to the BBC, shares in London have plummeted in early trading, with the FTSE 100 index of shares plunging 8% to its lowest level in three years.

It comes after big falls in Asia, with Japan’s Nikkei 225 index down 5% while Australia’s ASX 200 slumped 7.3%, its biggest daily drop since 2008.

Markets have been rattled by the threat of a price war between oil exporting group Opec and its main ally Russia.

The wobble compounds fears over the effect of coronavirus on the economy.

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