It comes as the number of cases globally surpasses 80,000 and amid fears of a possible pandemic.Read more
BBC Radio 4
More on the global impact of the coronavirus outbreak.
Swetha Ramachandran, investment manager for European equities at the fund manager GAM, said that markets had been "relatively complacent" until recently, but that cases outside of China have created "further concern".
"It seemed like the containment efforts in the Chinese mainland were working. In fact the evidence that the number of new cases within China had peaked supported this view," she told BBC Radio 4's Today programme.
"The latest cluster of infections that's being reported now in South Korea, Italy as well as Iran, are definitely affecting marketing sentiment.
"Until we see a peak in the new infections outside of China, for instance in these new clusters, we're in for a pretty rocky road in terms of recovery."
BBC Radio 5 Live
Global financial markets saw some of the sharpest falls in years on Monday after a rise in coronavirus cases renewed fears about economic slowdown.
The three main indexes in the US fell by about 3%, while the UK's FTSE 100 share index closed 3.3% lower, its sharpest drop since January 2016.
“I think the real game changer for a lot of investors was that this was now in Italy. Before it was considered to be something that was in Asia and some of the news from Asia was perhaps being a little bit ignored," Jane Foley, senior currency strategist at Rabobank told BBC Radio 5 Live's Wake Up to Money programme.
“The markets were of the considered view that this was something to do with supply chains and therefore there would be just a v-shaped recovery.
“But I think there is much more recognition now that this is more than just an Asian problem - Chinese consumers are really important... this could be a U-shaped growth or even an L-shaped growth."
She explained that U-shaped growth was where there is a flat period of growth and then it shapes up again, but an L-shaped growth is "where it never goes up again".
A Ukrainian woman has told the BBC why she decided to decline evacuation and stay in the coronavirus stricken Chinese city of Wuhan.