Markets tank on concern about virus impact on world economy

By ELAINE KURTENBACH, The Associated Press

BANGKOK — Shares skidded, oil prices sank and the price of gold surged on Monday as the number of people infected or killed by the viral outbreak that began in China surged, heaping more uncertainty on the economic outlook.

The decline promises a sharp drop on Wall Street when it opens and comes after finance chiefs of the Group of 20 major economies warned the outbreak that began in China is threatening to derail world growth.

Britain’s FTSE 100 sank 3.5% to 7,147, while the CAC 40 in Paris lost 3.7% to 5,806. Germany’s DAX fell 3.6% to 13,086. The FTSE MIB in Italy, which has seen a surge in new cases that lead to the lockdown of towns and businesses, dropped 4.6% to 23,620.

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