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Coronavirus fuels recession fears: Worst week for global markets since 2008

Wall Street shares led the rout as the S&P 500 fell 4.42 per cent, its largest percentage drop since August 2011

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US
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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US

Hideyuki Sano | Reuters Tokyo
Global share prices headed for the worst week since the darkest days of the world financial crisis in 2008 as investors braced for the coronavirus to become a pandemic and rapidly spread around the world.

Hopes that the epidemic that started in China would be over in a few months and economic activity would return to normal have been shattered, as new infections reported around the world now surpass those in China.

"The coronavirus now looks like a pandemic. Markets can cope even if there is big risk as long as we can see the end of the tunnel," said

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First Published: Feb 28 2020 | 7:10 AM IST

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