Global stocks, crude oil dip as coronavirus continues to spread

Stock exchange markets across the world, including Nigeria, closed in the red on Monday.

This is amidst worries that the coronavirus outbreak in China and other countries could hurt the global economy.

Crude oil prices were also affected with Brent crude, the global benchmark, dipping to $57.90 per barrel on Monday.

All-share index on the Nigerian Stock Exchange dipped by 0.26% and N390.7 billion was shaved off the market capitalisation.

In the United States, the S&P 500 dropped by 1.56% in early trading on Monday while the Financial Times Stock Exchange 100 Index dropped by 2.29%.

In France, the CAC 40 Index dipped by 2.69%.

The DAX performance on the Frankfurt Stock Exchange in Germany also recorded a loss of 2.65%

The Nikkei 225 Index on the Tokyo Stock Exchange was also in the red with a loss of 2.03%.

In a new situation update released on Sunday, the World Health Organisation said it erred by pegging the global risk of the virus at a moderate level and changed the risk assessment to high.

A total of 2,014 cases had been confirmed globally as at Sunday with victims in 10 countries excluding China.

The countries are France, Nepal, Thailand, Vietnam, Malaysia, Singapore, Australia, Korea, Japan and the United States of America.

Two new cases were reported in Canada on Monday.