Analysts are saying that the virus can inflict as much damage as the 2008 crisis. Fears of the spread of the Coronavirus caused the US stock market to plunge.
The DOW Jones Industrial Average lost 4.4%, suffering its worst one-day fall, showing how much investors' confidence has been affected.
The slump came on Thursday as countries around the world stepped up their efforts to maintain control on the spread of the virus. Measures such as closing schools, travel restrictions, controlling access to sporting events and limiting conferences are being enforced worldwide.
FTSE 100 slumped by 3.5%
The FTSE 100 is on course for its worst week since 2011. In the UK, officials warned the public that if the outbreak reaches a global pandemic level, schools might be closed for more than 2 months and public events cancelled.
The value of London-listed companies fell by more than 150 billion pounds since the markets opened on Monday.
The biggest losers were Resource and travel-related stocks and as the fear factor keeps increasing, traders are dropping stocks at an ever-increasing price.
Analysts are predicting the FTSE will suffer the same type of hammering today and might open at around 6,539.
Companies around the world reporting impact
Financial Events to watch for today
13.30 GMT - Real Personal Consumption (MoM) (Jan)