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Organizers have been pushing a consistent message that the Games would not be canceled or postponed but sponsors who have pumped in billions of dollars have grown increasingly nervous about how the coronavirus outbreak will impact the event.

The bonds were issued to raise money to help poorer countries respond to a pandemic. Boston-based private company AIR Worldwide Corporation determines whether a trigger event has occurred, based on an outbreak meeting a list of criteria in areas such as geographic spread, rate of growth and number of deaths.

After triggering confusion by suggesting that “trade and cargo” from Europe would also be banned, Trump was forced to clarify his statement with a tweet moments after the speech that “trade will in no way be affected” by the travel restriction.

“The restriction stops people not goods,” he said in the tweet.U.S. stock futures ESv1 slid further as the president spoke, down more than 4% and signaling another day of losses awaits Wall Street.

“Although uncertainty is very high, we now expect similar restrictions will be put in place across Europe in the coming weeks,” warned economists at JPMorgan.

Indian equities, which are also hit by a turmoil at private sector lender Yes Bank, saw an outflow of $1.7 billion. Indonesian and Philippine equities witnessed the least amount of foreign fund outflows, with just about $108 million and $65 million, respectively

“Investors are trying to look for any signs that there is light at the end of the tunnel,” said Adam Sarhan, chief executive officer of 50 Park Investments in New York.

President Donald Trump on March 9 said he will be taking “major” steps to gird the economy against the impact of the spreading coronavirus outbreak and will discuss a payroll tax cut with congressional Republicans on Tuesday.