Stock markets slump as coronavirus spreads in Europe – business live

Rolling coverage of business, economics and markets amid investor concerns over extent of outbreak beyond ChinaFTSE 100 loses 3.3% by mid-morningItalian stocks fall by 4.3% as country suffers outbreakGold hits seven-year high and bonds gain as investors seek havensEasyjet, Tui and British Airways owner among the biggest losers 2.03pm GMT There has been a sixth death from the coronavirus in northern Italy, according to the state broadcaster RAI. 1.38pm GMT Economists at ING have looked at the impact of the virus outbreak on economies in Asia, in a note entitled: “Holidays in hell: slumping tourism will cost Asia $105bn-$115bn in 2020”.Robert Carnell, chief economist and head of research, Asia-Pacific, at ING says: The impact of the coronavirus on economies in Asia is potentially huge, as tourism in the region takes a beating… If we assume that tourism to and from China basically grinds to a halt in 2020, and extra- regional tourism also diminishes, then the cost to the region from lost tourism revenues alone is approximately US$105bn-$115bn. Continue reading…
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