Global markets hit by coronavirus fears as investors look to haven assets
Global equity markets suffered their biggest weekly and monthly losses since August on Friday.
Investors have turned to safe-haven assets such as the Japanese yen, Swiss franc and gold, as the coronavirus continues to spread.
The virus, which originated in China, continues to reach new countries, including the UK. More than 250 people have died from the disease.
On Wall Street, the Dow Jones index slumped by 2.09 per cent on Friday to 28,256.03.
Fellow American indices, the S&P 500 and the Nasdaq, saw losses of 1.77 per cent and 1.59 per cent respectively.
European markets were just as heavily hit, with the pan-European index, Stoxx 600, closing down 1.07 per cent.
Early gains were parred as news of the virus spreading to the UK and its increasing death toll emerged.
The index was down three per cent for the week, which was its worst performance in almost six months. Its monthly loss of 1.2 per cent was the worst January in four years.
One of the haven assets, gold rose by 0.87 per cent, which was its best month in five.
Oil prices fell, however, suffering its worst monthly performance for 14 months.
Brent continued to slump, losing another 13 cents at $58.16 per barrel – its lowest price since the start of October.