Washington, March 23: The global markets were affected on Monday morning on the back of rising fear around coronavirus and its impact on the global economy. Every country across the world is trying their best to contain the spread of the deadly virus, but till now the scare around COVID-19 has not minimised looking the enormous rise in the cases and its death toll.

The Australian stocks fell around 8 percent on the back of coronavirus fears. Stocks in Asia Pacific saw major declines in Monday morning trade as fears over the economic impact of the global coronavirus outbreak continue to weigh heavily on the sentiment of the investors. Over in Australia, the S&P/ASX 200 plunged 7.9 percent as the sectors mostly fell. Brent crude futures slid $1.68 to $25.30 a barrel as lockdown across the globe is set to hit oil demand. Coronavirus Outbreak: US Economy 'May be' Headed Towards Recession, Says Donald Trump Amid COVID-19 Crisis.

The Hang Seng Index dropped 5.02 percent, or 1,145.52 points, to 21,659.55 at the open. E-Mini futures for the S&P 500 dived 5 per cent to hit the lower limit, while the MSCI’s broadest index of Asia-Pacific shares outside Japan lost 2 per cent. The total number of COVID-19 infected people have shot to 338,724 across the globe and Italy registering a death toll of  5,476.

(The above story first appeared on LatestLY on Mar 23, 2020 09:34 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).