In European Equity Markets the pan-European Stoxx 600 closed 3.6% lower, officially entering correction territory as it was off more than 10% from its record high notched on Feb. 19 last year. WPP shares fell 17% to the bottom of the Stoxx 600 after the world’s largest advertising firm saw a slowdown in fourth-quarter sales and projected a flat 2020. Bucking the trend was Hikma Pharmaceuticals, whose shares climbed 4% after the London-listed company beat 2019 profit expectations on the back of new drugs.

In Currency Markets the U.S. dollar fell on Thursday as Treasury yields continued to plumb new lows and investors bet the Federal Reserve would cut interest rates to offset the impact of the spreading coronavirus, lifting the euro to its highest in more than three weeks. Against the euro, the dollar fell to a three-week low, last down 1.14% to 1.100. The dollar fell 0.58% to 109.77 Japanese yen as the yen’s safe-haven appeal began to return. China’s offshore yuan strengthened to a one-week high, with the dollar down 0.2% at 7.007 yuan per dollar.

In Commodities Markets oil prices fell more than 4% on Thursday, down for a fifth day to their lowest since January 2019 as more new coronavirus cases outside China fed fears of a pandemic that could slow the global economy and dent demand for crude. Brent crude was down $2.29, or 4.3%, at $51.14 a barrel, just off the session low of $51.13 a barrel. West Texas Intermediate (WTI) futures fell by $2.60, or 5.3%, to $46.13, the lowest since January 2019.

In US Equity Markets indices fell for the sixth straight session and slipped into correction territory on Thursday, as the rapid spread of the coronavirus outside China intensified fears about the hit to economic growth and corporate earnings. The S&P 500 was down 2.16%, at 3,049.06. The Nasdaq Composite fell 2.46%, at 8,759.70. All of the 11 S&P sectors were deep in the red with energy losing the most, down 4.1%. Technology, financial, industrials, consumer discretionary, materials and communication services sectors dropped more than 2% each.

In Bond Markets U.S. Treasury yields continued to decline on Thursday as coronavirus concerns led investors to pile into the assets seen as safe havens, with the yield on the benchmark 10-year note reaching an all-time low for the third consecutive day. The yield on the 10-year note was down 6.4 basis points in morning trading at 1.2458% and reached as low as 1.2408%, a record low. Yields on other treasuries also fell, including on the 30-year bond, which also hit a new low.