Global oil demand set for first decline in 10 years as coronavirus hits growth - business live

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Rolling coverage of the latest economic and financial news, including the latest EC growth forecasts

The euro was already on a weakening path, before coronavirus worries shunted it back below $1.10 this month.

“European car manufacturers in particular are already warning of potential shortages of components due to factory shutdowns in China.

“So even if the virus is soon brought under control, eurozone industry is likely to remain in recession in at least the early part of this year.”

The euro has fallen for seven out of the last eight days as “concerns over the European economy linger”, says Jim Reid of Deutsche Bank.

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