Tokyo — Financial markets reeled on Thursday as stocks dived and oil slumped after US President Donald Trump took the dramatic step of banning travel from Europe to reduce the effect of the coronavirus, threatening more disruptions to trade and the world economy.

US S&P 500 futures plummeted as much as 4.9% and last traded down 3.6%, a day after the S&P 500 lost 4.89%, putting the index firmly in a bear market territory, defined as a 20% fall from a recent top...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now