The coronavirus, which has now killed more than 400 people, is "going to paralyse China. It's going to cascade throughout the global economy," Allianz chief economic adviser Mohamed El-Erian told CNBC news.

“For a long time I thought the market sentiment was so strong that we could overcome a mounting list of economic uncertainty,” the former Pimco chief executive told the US cable news network. That list would include already-uncertain global growth, US-China trade tensions, Brexit and Middle East tensions.