PANIC - PANIC - PANIC

On Friday

Asia's stock markets crashed as panic gripping world financial markets deepened, and even haven assets such as gold and bonds were ditched to cover losses in the wipe-out.

• Oil prices fell on Friday for a third day, with Brent crude set for its biggest weekly drop since 1991 and U.S. crude heading for the worst week since 2008 as panic about plunging demand from the corona-virus outbreak grips the market.

• The VIX volatility index (VIX) - Wall Street's "fear gauge" - and an equivalent measure of volatility for the Euro Stoxx 50 (V2TX) hit their highest since the 2008 financial crisis.

• The dollar stood tall as investors scrambled for the world's most liquid currency amid deepening panic about the corona-virus while the euro nursed losses after the European Central Bank disappointed investors by not cutting rates.

• Bit-Coin fall -$3115 (-40%) trading at $4525.

• Gold prices are in free-fall as investors scramble for cash.

Overnight

The Dow plunged to its biggest-one day percentage loss since October 1987 as fears the spread of the novel corona-virus will pick up pace and usher in a global recession overshadowed the Federal Reserve's bold new stimulus measures to calm funding markets. The New York Federal Reserve surprised by pumping huge amounts of cash into the banking system, aiming to head off the sort of dislocation that saw markets seize up during the financial crisis more than a decade ago. After adding $500 billion on Thursday, it will inject another $1 trillion today in an effort to stop borrowing costs from rising. Australia's central bank injected an unusually large $5.5 billion into the financial system on Friday.

• The greenback held gains against most currencies after a blowout in swap spreads showed investors are facing a shortage of dollars as equity markets plunged on fears about the economic impact of the flu-like virus.

• The ECB on Thursday unveiled a stimulus package that provides loans to banks with rates as low as minus-0.75% and increases bond purchases.