Wed. 8:53 a.m.: Virus outbreak stalks markets as 2020 gains get wiped out

LONDON (AP) -- Global shares fell sharply once again today as fears over the speed of the new coronavirus around the world accentuated.

With the spread around Europe gathering pace -- Greece became the latest country to reveal its first case -- investors are getting increasingly concerned about how long it will take for the world to bring the outbreak under some sort of control. United Airlines and Mastercard are just two of the many companies that have warned about the impact of the outbreak on their finances.

“What we appear to be seeing is the realisation that global economic growth could well come to a halt as the combined effects of a flu virus and belated attempts to stem the spread of it across the globe, raise the prospect of an economic sneeze, as consumers stop spending, and supply chains seize up, due to workers and consumers staying at home,” said Michael Hewson, chief market analyst at CMC Markets.

Given the wide array of concerns, it’s hardly surprising that traders have hit the sell button. Many stock indexes around the world have seen their gains this year wiped out.

In Europe today, the FTSE 100 index of leading British shares was down 0.7 percent at 6,968, while Germany’s DAX 1.1 percent to 12,656. The CAC 40 in France was 0.8 percent lower at 5,636.

Wall Street was poised for a lower opening, with Dow futures and the S&P 500 futures were both 0.2 percent lower.

The S&P 500 has lost 7.6 percent in the last four days since hitting a record high last Wednesday. That’s the benchmark index’s worst such stretch since the end of 2018, resulting in $2.14 trillion in losses, according to S&P Global. Tuesday also marked the first back-to-back 3 percent losses for the index since the summer of 2015.

The viral outbreak that originated in China has now infected more than 80,000 people globally. South Korean virus cases jumped again today and the U.S. military confirmed its first case among soldiers based in the Asian country.

South Korea’s Centers for Disease Control and Prevention said 134 of the 169 new cases were in Daegu, where the government has been mobilizing public health tools to contain the spread of the outbreak.

South Korea’s Kospi lost 1 percent today to 2,076.7. Elsewhere in Asia, Japan’s benchmark Nikkei 225 declined 0.8 percent to finish at 22,426.19, while Australia’s S&P/ASX 200 slid 2.3 percent to 6,708.10. 7. Hong Kong’s Hang Seng declined 0.8 percent to 26,674.67. The Shanghai Composite fell 0.8 percent to 2,987.93.

ENERGY: Benchmark crude oil shed 81 cents to $49.09 a barrel in electronic trading on the New York Mercantile Exchange while Brent crude oil, the international standard, shed $1.19 to $53.76 a barrel.

CURRENCIES: The euro was flat at $1.0868 while the dollar rose 0.3 percent to 110.48 yen.