Stocks and oil fall after US announces coronavirus travel ban

Flurry of selling

Global stocks and oil sold off sharply on Thursday after the US temporarily suspended travel from Europe in response to the coronavirus outbreak, triggering a flurry of selling that sent American stock futures into a tailspin.

President Donald Trump announced the move in a televised address hours after the World Health Organization said the crisis was now a “pandemic”. The number of cases of infected patients in the US has risen to 1,281. Mr Trump said the new travel restrictions, which exclude the UK, would take effect from Friday.

In Asian trading following the announcement, US futures pointed to another day of heavy losses on Wall Street, with the S&P 500 tipped to drop 4.1 per cent into bear market territory, down more than 20 per cent from its recent record high.

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