Stocks, oil prices skid

China virus fears drive investors to safe havens

Shares tumbled on Monday as investors grew increasingly anxious about the economic impact of China’s spreading virus outbreak, with demand spiking for safe-haven assets such as the Japanese yen and Treasury notes.

Japan’s Nikkei average .N225 slid 2.0%, the biggest one-day fall in five months, while a Tokyo-listed China proxy, ChinaAMC CSI 300 index ETF (1575.T), slid 2.2%. Amid the Lunar New Year holiday, many markets in Asia were closed.

U.S. S&P 500 mini futures ESc1 were last down 1.0%, having fallen 1.3% in early Asian trade.

European shares were expected to follow suit, with major European stock futures STXEc1FDXc1FFIc1 trading 1.2-1.4% lower.

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