Markets struggle after WHO declares virus emergency

Stock markets struggled Friday after the World Health Organisation declared a global health emergency over China's spreading deadly virus.

With hours to go until Britain finally leaves the European Union, the London stock market sank 0.8 per cent in late morning deals as a relief rally for the pound hurt exporters.

Frankfurt and Paris shed 0.2 per cent and 0.4 per cent respectively around midday, after Asia was also gripped by virus worries in a volatile end to the week.

The novel coronavirus epidemic, which originated in the central Chinese city Wuhan, has so far killed 213 people and spread to at least 19 countries including two cases declared on Friday in Britain.

China's National Health Commission meanwhile said nearly 10,000 people have been infected.

"Coronavirus is currently spreading six times faster than SARS.

Unless a cure is found, this could push a fragile world economic recovery into reverse," warned Douglas McWilliams, deputy chairman at British research group the Centre for Economics and Business Research (CEBR).

He added: "It is clear that unless a cure and a vaccination are found rapidly, the fragile recovery that we predict is at risk. That is why -- from an economics point of view -- it is so vital that a cure and a vaccine is found."