World share markets were headed for their worst week since the depths of the 2008 financial crisis as investors ditched risky assets on fears the coronavirus would become a pandemic and trigger a global recession.

MSCI all country world index fell 0.6% after 3.3% drop on Thursday. So far this week, it has lost 9.4%, on course for its biggest weekly decline since a 9.8% plunge in November 2008.

Wall Street shares led the rout as the S&P 500 fell 4.42%, its largest percentage drop since August 2011, on Thursday. It has lost 12% since hitting a record close on February 19, marking its fastest correction ever in just six trading days.

The index, which measures expected swings in U.S. shares in the next 30 days, typically shoots up to around 50 when bear market selling hits its heaviest and approached almost 90 during the 2008-09 financial crisis.