Global markets had mixed reactions throughout out the week as news of coronavirus outbreak dampened major markets. Chinese shares in Hong Kong headed for their worst day since October 2018 earlier in the week.
Trading was low in major asian markets due to the week long Lunar Year celebrations.
In the week, airlines cancelled their flights into mainland China with production facilities halting operations in affected areas.
Already, 15 countries have issued coronavirus alerts with China leading the lot with over 9000 reported infections and over 200 deaths.
Moreover, there was reduced investor confidence in oil due to fears of a slump in demand growth. OPEC is reportedly considering an extension to the ongoing production cuts to June 2020 which in turn may stabilize the prices.
On Wednesday, the Federal Reserve maintained the interest rates in the range of 1.50% and 1.75%. The FED based their decision on stabilized global economic growth and reducing uncertainty around trade policy. The Bank of England held its first meeting of the year on Thursday, 30th January 2020, and voted to keep interest rates on hold at 0.75%.
Britain will leave the European union at 11.01pm GMT ON Friday after three and a half years since the referendum and three prime ministers.