Significant global liquidity lowers borrowing cost in overseas bond market

NEW YORK (Reuters) - The biggest tumble in Chinese stocks in more than eight months led global equity markets lower on Thursday as concern mounted about the coronavirus outbreak in China.

Millions of Chinese are preparing to travel for the Lunar New Year, which begins on Saturday, increasing the potential for the disease to spread. The cities of Wuhan and Huanggang, representing a total population of about 18 million people, were put on a travel lockdown to prevent the virus from spreading, a public health measure that the World Health Organization called "unprecedented."

"Ultimately, the coronavirus is a slow-burning but important story for markets that is likely to last for months rather than just a few days," said TD Securities' European head of currency strategy, Ned Rumpeltin.