World shares hitting two week lows as worries grew over the economic impact of the infection.

The MSCI All-Country World Index - tracking shares in nearly 50 countries - was down over 0.4 of a per cent.

taken on their own, the Nikkei saw, at 2 per cent, its biggest one-day fall in five months.

Europe's bourses were down by similar - putting them on course to their worst day in nearly two months.

Taking a big part of the hit: the airline sector, hotels, miners - and luxury goods.

LVMH, Christian Dior, Hermes and Gucci owner Kering - all heavily reliant on Chinese demand - fell more than 3%.

Unsurprisingly, safe haven bonds were in demand - and gold surged.

Oil also suffered a big fall, prices below 60 dollars a barrel for the first time in nearly three months.

Chinese officials say the ability of the coronavirus to be passed on is getting stronger and infections could continue to rise.

The government has also extended the Lunar New Year Holiday by 3 days, in an effort to curb the spread.

But this is a week that also sees Federal Reserve and Bank of England rate meetings.

Any unexpected hints of tightening of ultra-loose monetary policy would, say traders, add another layer of anxiety.