Hopes that the epidemic 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
Rogers said the worst was yet to come for the global financial markets - not purely due to coronavirus, but also due to the slowing growth
For a sustained up move from the present levels, we would need to see a pick-up in industrial and consumer demand, and growth in corporate earnings
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
The outbreak comes at a time when geopolitical risks to oil supply are likely to remain elevated in 2020, as both the US and Iran continue their maximum pressure campaigns
Here's a look at how the major global asset classes have reacted so far
Benchmark Sensex lost 188 points on Tuesday while Nifty50 closed 0.52 per cent down
Benchmark Sensex lost 188 points on Tuesday while Nifty50 closed 0.52 per cent down
The Indian indices fell over 1% as earnings disappointment, coupled with the virus scare, hit sentiment
Market participants kept a wary eye on developments around the virus, which the WHO last week deemed 'an emergency in China,' but not, as yet, for the rest of the world
MSCI's broadest index of world shares added 0.2% to December's 3.3% jump and the 24% gained in 2019
European stocks fell from record highs and sterling dropped more than 1% as reports that British Prime Minister Boris Johnson was set to put a no-deal exit from the EU back on the table
Caution over the future path of trade talks pushed the dollar index down 0.23%, last at 96.948
It will be the world's biggest IPO if it tops the $25 billion set by China's Alibaba in 2014
According to the Federal Reserve, trade frictions -- centered on the US-China dispute -- remained the most widely cited potential near-term shock.
The dollar was stable after a rise in US consumer prices was greater than expected
Hopes of a trade truce between the United States and China this month fuelled the optimism, with some more details being filled in on what's expected to be a "phase one" agreement.
Hong Kong Exchanges and Clearing Ltd (HKEX), said it still believed the combination of the two exchanges would be "strategically compelling"
The WTO report said trade volume growth should accelerate slightly to 2.7% in 2020, while global GDP growth holds steady at 2.3% but that this also depended on easing of trade tensions
The Sensex ended 504 points, or 1.3 per cent, lower at 38,594, while the Nifty declined 148 points, or 1.3 per cent, to close at 11,440