European markets are bending under the pressure

European stock markets pushed lower Thursday, as a jump in the number of people recorded as being affected by the coronavirus in China prompted a rush to safe havens.

China’s Hubei province, where the virus is believed to have originated, reported 242 new deaths late Wednesday, double the previous day’s toll, and confirmed 14,840 new cases.

Investors are monitoring the situation and its potential effect on both the Chinese and global economies.

IMF Managing Director Kristalina Georgieva told the new strain of coronavirus was “clearly more impactful” on the world economy than the 2002-2003 SARS epidemic.

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