In European Equity Markets the pan-European Stoxx 600 closed 3.8% lower as markets around the world tanked. The benchmark lost approximately 12.7% for the week, its worst since October 2008 at the height of the global financial crisis. Basic resources fell 4.6% to lead losses as all sectors and major bourses traded sharply in the red. Britain’s FTSE 100 lost 3.7% on Friday, France’s CAC 40 index was down 4% and Germany’s DAX fell 4.5%.

In Currency Markets the pound fell sharply on Friday, losing nearly 1% against the euro and the dollar as worries about the fast-spreading coronavirus sent investors out of currencies deemed riskier. Sterling skidded to as low as $1.2760 in late London trading before recovering to $1.2775, down 0.8% on the day. Versus the euro the pound dropped to as low as 86.08 pence. That was the weakest level for sterling since November and means the pound has erased all of its gains made in the run-up to the British general election in December.

In Commodities Markets oil prices fell on Friday to their lowest in more than a year, set for their steepest weekly fall since 2008 as the global spread of the coronavirus stokes demand fears. The most active Brent future for May was down $2.73, or 5.3%, at $49.00 a barrel, its lowest since July 2017. Brent futures for April delivery, meanwhile, fell $1.98, or 3.8%, to $50.20 a barrel, while U.S. WTI crude fell $3.09, or 6.6%, to $44.00. That put both Brent and WTI on track for their biggest weekly declines since December 2008 at 14% and 17%, respectively.

In US Equity Markets the Dow fell more than 1,000 points in intra-day trading for the third time this week on Friday, as the rapidly spreading coronavirus outbreak raised fears of global recession. The S&P 500 was down 3.99%, at 2,859.85. The Nasdaq Composite was down fell 3.43%, at 8,272.51. The S&P 500 fell about 12% from its record closing high hit last week, confirming its fastest correction in history on Thursday. All the 11 S&P sectors shed at least 2% and the defensive utilities, consumer staples and real estate sectors dropped more than 3%.

In Bond Markets safe-haven German bond yields hit a five-month trough on Friday, Italian borrowing costs headed for their biggest weekly rise since October and a key gauge of long-term inflation expectations struck record lows as coronavirus panic swept through markets. Germany’s 10-year Bund yield fell to a five-month low of -0.627%. It is down 16 basis points this week and set for its biggest weekly drop since mid-2018. Italy’s 10-year bond yield was up 2.5 bps at 1.09%, off one-month highs hit earlier at around 1.20%.