By Staff, Agencies

Countries on three continents reported their first cases of the coronavirus on Friday as the world prepared for a pandemic and investors dumped equities in expectation of a global recession.

Coronavirus panic sent world share markets crashing again, compounding their worst week since the 2008 global financial crisis and bringing the wipeout to $5 trillion.

Hopes that the epidemic that started in China late last year would be over in months, and that economic activity would quickly return to normal, have been shattered as the number of international cases have spiraled.

“Investors are trying to price in the worst-case scenario and the biggest risk is what happens now in the United States and other major countries outside of Asia,” said SEI Investments Head of Asian Equities John Lau.

Mainland China reported 327 new cases, the lowest since Jan. 23, taking its tally to more than 78,800 cases with almost 2,800 deaths.

But as the outbreak eases in China it is surging elsewhere.

Four more countries reported their first cases, taking the number of countries and territories outside China with infections to 55, with more than 4,200 cases killing about 70 people.