The spread of a new coronavirus disease — the COVID-19 — is one of the biggest threats to the global economy and financial markets.
Analysts from Singaporean bank DBS said reduced oil demand from the virus outbreak and an expected increase in supply are a "double whammy" for oil markets."The spread of the virus in Italy and other parts of Europe is particularly worrying and will likely dampen demand in OECD countries as well," the DBS analysts wrote in a report.Fear surrounding the impact of COVID-19 on the global economy has hurt investor sentiment and brought down stock prices in major markets.
Cedric Chehab, head of country risk and global strategy at Fitch Solutions, said there are three ways the coronavirus outbreak could work its way through sentiment in markets. "We have identified three channels through which the COVID-19 outbreak was going to weigh on markets so that's the slowdown in China, the slowdown from domestic outbreaks … and the third channel was financial markets stress," he told CNBC'sConcerns over the global spread of the new coronavirus has also driven investors to bid up bond prices, resulting in yields in major economies to inch lower. U.S.
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