GENEVA/BEIJING (Reuters) – Hopes the coronavirus would be contained to China vanished on Friday as infections spread rapidly around the world, countries started stockpiling medical equipment and investors took flight in expectation of a global recession.
Share prices were on track for the worst week since the global financial crisis in 2008 as virus-related disruptions to international travel and supply chains fueled fears of recession in the United States and the Euro zone. The U.S. stock market fell into correction territory with the benchmark S&P 500 index down more than 4% on Thursday, extending a market rout that has now sliced more than 10% off of its closing peak on Feb. 19. “Markets are voting and saying they think the U.S. is on its way to recession,” said Chris Rupkey, chief economist at MUFG in New York. “And frankly at this stage after the coronavirus-related slowdown in travel plans that has busted the global supply chain apart, it will be a miracle if we avoid a recession.” […]