Global stock markets tanked on Monday as the number of people infected with the Coronavirus outsie of China drastically spiked in Italy, Iran and South Korea.
The Dow Jones Industrial Average shedding over 1,000 points to its biggest one-day loss since February 2018. Both the S&P 500 and the NASDAQ sharply dropped 3% on the day as well, ending the day near session lows.
In European markets, the DAX performance index dropped four percent; the FTSE dropped 3.5 percent and the CAC dropped four percent as well. Asian markets are expected to open sharply lower as well.
Markets reacted to the news from this past weekend, with the New York Times reporting the new number of cases at 229 with six reported deaths. The Italian city of Milan has reportedly been transformed into a ghost-town like area as people shelter-in-place and store shelves are emptied from panicked shoppers.
The first signs of a spike were discovered on Saturday when, according to the European Centers for Disease Prevention and Control, Clusters of outbreaks in Northern Italy were being observed.
“As the situation is rapidly evolving, more cases are expected in Italy, and possibly in the EU, in the coming days,” said Andrea Ammon, Director for the EDCD.
In Iran, the Health Ministry stated that 900 suspected cases were being tested, with 12 deaths. The New York Post reported that a lawmaker had suggested the death toll to be around 50, a claim that was categorically denied by the ministry.
In South Korea, 833 have reportedly been diagnosed with the coronavirus. According to NPR, a secretive, secular church called the Shincheonji Church of Jesus had been seen as a hub of transmission due to their secrecy of members and their small areas that are ideal for respiratory droplets to spread in the air. An estimated 9,000 are under additional quarantine.
The World Health Organization has not declared a “pandemic” as of now, but have expressed concern about the virus spreading further in the EU and the Asian region.