STI has worst week in 8 years as Covid-19 fears escalate
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SINGAPORE equities faced heavy selling on Friday en route to their worst weekly performance since August 2011 as the Covid-19 outbreak, initially viewed as a China- or Asia-focused issue, went global.
Sentiment has already taken a beating this week as cases in South Korea and Italy surge while US health officials expect a sustained spread of the novel coronavirus to take root there.
Investors are now fraught with worry that the economic fallout from Covid-19 could lead to a global recession.
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