World

Global shares start to stabilise after rout

February 27, 2020 6:29 am

Trading in global financial markets paused for breath on Wednesday afternoon, after days of sharp losses spurred by fears about the coronavirus.

In morning trade in New York, the main US indexes were up about 1%, regaining ground after steep falls on Tuesday.

In Europe, London’s FTSE 100 index and other major bourses had pared their losses and were mostly flat.

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Earlier, Japan’s Nikkei 225 index and the Hang Seng in Hong Kong closed 0.8% and 0.7% lower respectively.

The signs of stabilisation come despite ongoing warnings from firms of supply chain disruption and slowdown caused by the deadly virus, which has spread to more than 30 countries.

Factory production continues to lag, travel restrictions remain in place and consumers in some countries are staying at home.