More than $1 trillion was wiped off global stock markets on Monday as panicked investors bet that the coronavirus outbreak will cause a devastating economic slowdown. In the UK, the FTSE 100 plunged 3.3pc, its worst one-day fall for four and a half years. […] Oil dropped more than 5pc while the price of gold surged to a seven-year high as investors scrambled for safety. […] Traders are increasingly betting that central banks will slash interest rates to prevent an economic slowdown. […] It came as British drugs firm GlaxoSmithKline revealed it is working with Chinese company Clover Biopharmaceuticals to develop a possible coronavirus vaccine.
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