TOKYO — Financial markets reeled on Thursday (March 12) as stocks dived and oil slumped after US President Donald Trump took the dramatic step of banning travel from Europe to stem the spread of the coronavirus, threatening more disruptions to trade and the world economy.

With the pandemic wreaking havoc on daily life of millions worldwide, investors were also disappointed by the lack of broad measures in Mr Trump's plan to fight the pathogen, prompting traders to bet of further aggressive easing by the Federal Reserve.