Global markets hit hard as indices catch Wuhan flu; Sensex falls 285 pts

The outbreak of coronavirus is quickly unraveling gains made by global markets from the US-China trade deal euphoria, with major indices trading 2-9 per cent lower than their mid-January peaks. The global market capitalisation has seen an erosion of $2.2 trillion in the last week of January.
 
Foreign brokerages are bracing for a larger impact on the global markets than what was during the SARS outbreak, which also originated in China, back in 2003.
 
“We expect a bigger and possibly longer macro impact on Asia than what was seen during SARS. Our base case is that 12 months