Gold prices rocketed more than 2% its highest level in 7 years today but stock markets across Europe, UK and US were down more than 3 to 4% as investors look for a safe haven for their money as concerns over the coronavirus spread.
This follows the Italian government announcing plans for drastic measures to be taken including several small towns being on lockdown.
Frankfurt’s DAX Index and the Paris Cac-40 both down around 4%. Meanwhile, in Italy, Milan’s main index dropped more than 4%.
Travel firms and airlines where hit hard with EasyJet down 12%, Tui 9% and British Airways owner IAG down 7%.
Oil was also down more than 3% and the price of Brent crude fell by nearly $2 to $56.57 a barrel.
Small businesses in China are yet to reopen after authorities extended the Lunar New Year holiday to stop the virus spreading. This is putting a severe strain on Chinese businesses both big and small in addition to suplly issues that may drag across the globe in China remains in lock down for too long.