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| - Stock markets retreated Thursday on growing concerns over the economic impact of the new coronavirus that has killed 170 people in China. Tech stocks and airlines were among key losers as the World Health Organization called an urgent meeting on whether to declare a global health emergency over the virus. London's FTSE 100, Frankfurt's DAX 30 the Paris CAC 40 all finished down more than 1.0 percent. "The coronavirus fears have come back with a vengeance today, as European markets slump by more than 1 percent," said Joshua Mahony, senior market analyst at online trading firm IG. He added that "despite the detrimental impact this health crisis will have upon the Chinese economy, Donald Trump remains unwilling to ease the burden of tariffs which serve to heighten the effect." Mahony said US-China relations would likely become strained once more as Beijing is unable to make the purchases it pledged to do under the phase one deal signed earlier this month that had soothed markets. Traders' concerns over the virus also weighed heavily on oil prices Thursday, with benchmark Brent crude sliding more than two percent for part of the day. The WHO, which initially downplayed the severity of the disease, has warned all governments to be "on alert" as China reported 1,700 new cases of the SARS-like virus that has infected over 7,700 people and been detected in at least 15 countries. Airlines around the world are either suspending or paring back services in and out of China following cases of human-to-human transmission outside the country, and manufacturers have also been cutting their Chinese operations. In Asian stock markets Thursday, Taipei closed down 5.8 percent on the first day of trade since the Chinese New Year break, with Eva Airways plunging 9.9 percent and market heavyweight and key Apple supplier Taiwan Semiconductor Manufacturing (TSMC) sliding five percent. Fellow Apple supplier Hon Hai Precision Industry fell by the daily 10 percent limit after it said most of its manufacturing plants in China would remain closed until February 10. Elsewhere Thursday, Tokyo's main stocks index closed down 1.7 percent and Hong Kong ended 2.6 percent lower. Japanese automaker Toyota said it would keep its plants in China closed until at least February 9 over concerns about the outbreak. US stocks slid lower as well on Thursday, with the Dow giving up 0.4 percent in late morning trading. Thursday's declines are being driven "partially by thoughts of the earnings growth that may not materialise because of the coronavirus and the hard-hitting impact it is expected to have on China's economy in particular," said Briefing.com analyst Patrick O'Hare. Meanwhile, the pound snapped higher after the Bank of England held interest rates steady. The markets had been on guard for a possible rate cut to boost growth as the country's economy weathers Brexit disruptions. London - FTSE 100: DOWN 1.4 percent at 7,381.96 points (close) Frankfurt - DAX 30: DOWN 1.4 percent at 13,157.12 (close) Paris - CAC 40: DOWN 1.4 percent at 5,871.77 (close) EURO STOXX 50: DOWN 1.3 percent at 3,687.47 (close) New York - DOW: DOWN 0.4 percent at 28,620.71 Hong Kong - Hang Seng: DOWN 2.6 percent at 26,449.13 (close) Tokyo - Nikkei 225: DOWN 1.7 percent at 22,977.75 (close) Shanghai - Composite: Closed for a public holiday Pound/dollar: UP at $1.3097 from $1.3021 at 2200 GMT Euro/pound: DOWN at 84.21 from 84.56 pence Euro/dollar: UP at $1.1030 from $1.1010 Dollar/yen: DOWN at 108.72 from 109.02 Brent Crude: DOWN 1.8 percent at $58.75 per barrel West Texas Intermediate: DOWN 1.9 percent at $52.33 per barrel burs-rl/jh
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