In European Equity Markets the pan-European Stoxx 600 closed 3.6% lower, with oil and gas shares sinking 5.5% to lead losses as all sectors and major bourses slid into the red. The sector fell as OPEC and its non-OPEC allies failed to agree an output deal to offset the impact of the coronavirus. At the bottom of the Stoxx 600, Capita slid another 11% after Barclays and Deutsche Bank both cut their price target for the stock following Thursday’s 38% post-earnings nosedive.

In Currency Markets sterling extended gains against a broadly weaker dollar on Friday, and was also boosted by comments from the European Union’s Brexit chief negotiator that a trade deal between Britain and the bloc was still possible this year. Against the dollar, sterling was on course for its best week since mid-December. Sterling briefly rose to a 10-day high of $1.3015 and was last trading up 0.3% at $1.2994. Against the euro, however, sterling was down 0.4% at 87.09 pence.

In Commodities Markets oil prices fell more than 8% on Friday to their lowest levels since mid-2017 after Reuters reported that Russia balked at OPEC’s proposed steep production cuts to stabilize prices. Brent futures fell $4.32, or 8.6%, to $45.67 a barrel, lowest price since June 2017. U.S. West Texas Intermediate crude fell $3.82, or 8.3%, to $42.08. At one point, U.S. crude fell as low as $41.85 a barrel, lowest since August 2016. Brent was on track for its biggest daily percentage loss since 2009 and WTI for its steepest since 2015.

In US Equity Markets the Dow Jones Industrials shed more than 800 points on Friday, as the global tally of coronavirus infections surpassed 100,000. The S&P 500 was down 2.72%, at 2,941.78. The Nasdaq Composite fell 2.42%, at 8,527.04. All 11 S&P sectors were trading lower, led by a 5.2% decline in energy stocks, which tracked a decline in oil prices. The S&P 1500 airlines index rose 3.6%, but was still on course to end Friday with its third straight weekly decline.

In Bond Markets Germany’s long-dated government bond yield slid to record lows on Friday, as coronavirus rattled world markets and investors fretted about just how much the global economy will be hit. In top-rated Germany, the 10-year German Bund yield fell to as low as -0.746%, a record low that overtook a previous low hit last September at the height of concern about the Sino-U.S. trade war. Two-year German bond yields hit six-month lows, falling to almost -0.90% – a sign investors now price in extreme pessimism on euro zone growth.