While some stock indexes in Asia rebounded Tuesday after a very rough start to the week, others continued to slide, with negative momentum carrying over to Europe and Wall Street.
The Dow had given up 300 points, or 1.1%, by midday in the United States. The Nasdaq and S&P 500 posted similar losses.
Oil prices also tumbled Monday — US oil settled 3.7% lower at $51.43 per barrel, while the global benchmark Brent crude settled 3.8% lower at $56.30 a barrel. Both markets lost more ground on Tuesday.
The coronavirus outbreak has been raging for weeks, particularly in mainland China where the vast majority of the more than 80,000 confirmed cases have been recorded. But the emergence of hundreds of cases in two major economies outside of China — South Korea and Italy — have dashed hopes of a speedy recovery from the epidemic.
The virus has already wreaked havoc on global supply chains and hit company profits. Major American companies are also starting to update their revenue outlooks because of the disease.