Prognosis
Ripples Spread Through Global Markets After Virus Fear Hits Asia
- U.S. futures point to drop at the open as Europe shares slide
- Medical workers infected, 4 people dead as China virus spreads
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A deadly virus emanating from China helped bring this year’s global risk rally to a halt on Tuesday, hammering Asian equities and helping drag both European stocks and U.S. futures lower.
Traders closing out positions in the run-up to Lunar New Year holidays may have accelerated moves in Asia, where Hong Kong equities slumped 2.8% and the MSCI Asia-Pacific Index dropped more than 1%. Luxury stocks in Europe, many heavily exposed to the Chinese market, slid on concern the outbreak will disrupt travel and spending in the key holiday period.