Any hope the spread of the coronavirus may be easing by now are beginning to fade away. 

The disease has sent global equities into a tailspin over the past week as the fallout for businesses and industries becomes more apparent. Wall street capped the week on Friday with another punishing selling off, dragging equities to their worst weekly losses since the 2008 global financial crisis.

Chinese factory activity data released on Saturday could prompt an even bigger slide. The February Purchasing Managers Index plunged to an all-time low of 35.7, according to the National Bureau of Statistics.

It noted also that 85.6 percent of bigger factories resumed work as of 25 February, but some analysts say even if China's factory production can recover in the next month, it's likely still to face a low level of export orders.

In a newsletter posted following the release of the results – the first data since the start of the health crisis – Dutch Bank ING said it expected the figures to "shock the market on Monday," adding that it may revise downward its GDP forecast for the first quarter of 2020.

The damage to markets and the global economy come as fears grow over the worsening coronavirus situation in Europe, particularly in northern Italy. On Friday, the World Health Organization revealed that among the countries that have reported infections – including several firsts in the last few days – 14 can be traced to Italy.

Earlier in the week Prime Minister Giuseppe Conte called for calm as towns in the worst-hit regions of Lombardy and Veneto were put under lockdown, but there are signs suggesting the situation might get worse. 

Experts who have been conducting laboratory tests on the virus say it may have been circulating around northern Italy for several weeks before ever being detected, and that could make tracing its spread across the continent more difficult.

A swathe of events has been scrapped across Europe over the past few days, including some Serie A football fixtures in Italy this week. Players from Serie C side Pianese have been put under quarantine as well after three team members and an official tested positive for coronavirus. 

In neighbouring Switzerland fears are growing over the spread of the disease across the border. A ban on gatherings of more than 1,000 people has been imposed by authorities, although reports say some smaller events have been cancelled as well.