S&P did not cut growth forecasts for emerging markets of Indonesia, Malaysia, the Philippines and India, citing the fact that reported infections in those countries were still low.

European stocks continued their slide after the Japanese market dropped to a six-month low, with 97% of shares on the Tokyo exchange’s main board in the red.

The sprawling, continent-crossing supply chains of corporations have already come under pressure from trade tensions and climate concerns, and may face further stress as countries change global taxation rules. If and when the dust settles from the coronavirus, OECD’s chief economist Laurence Boone said firms will likely pause to reconsider what they do.

Fed Chair Jerome Powell reiterated his view that the U.S. economy remains strong, but said the spread of the virus had caused a material change in the U.S. central bank’s outlook for growth.