New York, Feb 29 (AFP/APP): Global stocks slumped again Friday to mark the largest weekly drop since the 2008 global financial crisis over fears the coronavirus could wreak havoc on the world economy. Crude oil prices tumbled as well and analysts said central banks, especially the US Federal Reserve, might have to shift into crisis-resolution mode with urgent interest rate cuts. Frankfurt headed the losses in Europe, shedding almost 3.9 percent as the market closed. Leading European stock markets have lost more than 10 percent in just one week, with London’s FTSE 100, which fell by 3.4 percent on Friday, dropping 11.3 percent. Wall Street also had another difficult day, with the Dow finishing down 1.4 percent at 25,409.36, which meant a drop of more than 12 percent for the week. But US indices cut their losses after Federal Reserve Chair Jerome Powell released a statement saying the US economy remains “strong” but vowing to “use our tools” to provide support if needed. The markets in Shanghai, Sydney and Tokyo all closed down 3.0 percent, while Jakarta shed more than four percent. “The panic mode is full on,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “The coronavirus outbreak has … Continue reading Stock markets suffer worst week since financial crisis