Investors have rushed out of equities and into havens such as gold and US government bonds following a surge in coronavirus cases in Italy, South Korea and Iran over the weekend that intensified concerns over the global impact of the virus.

Countrywide has confirmed it is in talks over a possible all-share tie-up with LSL Property Services that could create the UK’s biggest property group.

Coronavirus updates will remain front and centre for investors this week, but the South Carolina primary, earnings updates and Donald Trump’s visit to India are also likely to dominate headlines.

The yield on the 30-year US Treasury hit a record low and Wall Street posted its first weekly drop in three on Friday as renewed fears about the economic fallout of the coronavirus and disappointing data stirred concerns about the outlook for the US economy.

Shares in US lithium producer Livent fell by 15 per cent on Friday after the company said it didn’t see lithium prices recovering this year and warned of “headwinds” from the coronavirus.

A relaxation of trade tensions between the US and China spurred an unexpected jump in profits at tractor maker Deere & Co as farmers’ confidence returned following a trade deal between the countries.

Investors have piled into government bonds, sending the yield on the US benchmark Treasury below a key level as concerns over the impact of the coronavirus on the global economy drip back into the market.

UK business activity expanded at a steady pace in February, according to a closely watched survey, suggesting that a post-election economic bounce could continue.

Odey Asset Management has converted its derivative position in Sirius Minerals into shares, as the London-based hedge fund pushes for an improved takeover offer.

US and European stocks pulled back from record highs, with Wall Street’s main equities gauges at one point tumbling more than 1 per cent.

Sirius Minerals presented a more attractive investment opportunity than buying a stake in BHP’s giant Canadian potash project, according to the chief executive of Anglo American.

The Bill Gates-backed Breakthrough Energy Ventures fund has led a $20m investment into a start-up promising a more efficient way to extract lithium for batteries.

De Beers has reported its worst set of earnings since miner Anglo American bought it in 2012, as the diamond market struggles with weaker Chinese demand and a glut of stones.

Telefónica posted a net loss for the fourth quarter, as restructuring costs and impairments from Mexico and Argentina underscored the challenges the company faces as its overhauls its business and reorients its strategy in Latin America.

Smith & Nephew said revenues have surpassed $5bn for the first time, and it envisages sales increasing this year by up to 4.5 per cent, yet the group faces “additional uncertainty” from the coronavirus outbreak sweeping through Asia.

Global demand for liquefied natural gas is expected to double to 700m tonnes by 2040 as energy consumption, particularly in Asia, rises and the world shifts away from dirtier burning fuels, Royal Dutch Shell said on Thursday.

Axa has replaced the head of Axa XL, its specialist commercial insurance business, and warned that earnings from the unit will be €200m lower than expected this year.

Lloyds Banking Group has warned its profitability will drop in the next year despite signs of an improvement in the UK’s economic outlook, as competition in the mortgage market and low interest rates weigh on revenues.

Anglo American’s chief executive has defended its rescue bid for Sirius Minerals as pressure intensifies on the miner to increase its £524m offer for the UK group.

US and European stocks are at record levels, but analysts at Goldman Sachs have cautioned the risk of a correction in equity markets is “high” as the impact of the coronavirus on earnings is being underestimated by investors.

A bullish call from one Wall Street analyst has propelled Tesla and put it within striking distance of a $1,000 stock price, extending a blistering run for the electric carmaker.

Federal Reserve policymakers discussed maintaining the Fed’s policy rate at 1.5 to 1.75 per cent “for a time” at their meeting at the end of January, to support both a recovery in business investment and a labour market with room still left to improve.

An underlying measure of US wholesale prices rose in January by the most since 2018, while the rate of new home construction fell from a 13-year high, data on Wednesday showed.

UK inflation rose for the first time in six months in January, matching Bank of England expectations in what central bankers could see as validation of a cautious approach to changing interest rates.

Global stocks dipped as a sales warning from Apple rippled across markets in the latest sign of the mounting corporate and financial cost of the coronavirus outbreak.