The Latest: Mideast stock markets sharply drop on virus fear

ROME (AP) — The Latest on the coronavirus outbreak(all times local):

8 a.m.

Stocks markets in the Mideast are suffering sharp drops in early trading Sunday over fears about the new coronavirus and demand in crude oil falling amid a failure by OPEC and allied nations to cut production.

The Dubai Financial Market saw stocks drop by over 8% in a sharp selloff. Boursa Kuwait stopped trading as shares fell below 7%. The Abu Dhabi Securities Exchange dropped by 6%

Around the world, more and more countries were bracing for a surge in virus cases. Events and festivals were called off. Travel restrictions and warnings were issued. A nose-dive in tourist traffic and possible disruptions to supply chains set off fears of a worldwide economic slowdown.

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The Associated Press receives support for health and science coverage from the Howard Hughes Medical Institute’s Department of Science Education. The AP is solely responsible for all content.