The major US stocks indices slumped at opening sessions on Monday, amid the escalating global fears over the coronavirus spread in China and other countries.

Italy and South Korea revealed tens of coronavirus infected cases, and the virus death toll also rose in both countries.

Several news agencies quoted sources that the White House will ask for emergency funding from the US Congress during this week due to the coronavirus impact.

The Federation of German Industries (BDI) also revealed that the coronavirus will sharply impact many sectors such as the auto and mining sectors.

While the World Health Organization warned that the coronavirus spread may get out of hand and turn into a global pandemic.

Consequently, Dow Jones lost 3.2% or 920 points to trade at 28,071 as of 14:35 GMT, Nasdaq dropped 3.7% or 350 points to 9,226, and S&P 500 dipped 1% or 35 points to 3,337.

At 09:00 GMT, the IFO institute released its reading of the German business climate index for February at 96.1 points, higher than forecasts of 95.0, and also higher than the previous reading of 95.9. This data is positive for the Euro currency.

Silver prices rose on Monday, to extend gains for second straight day and jumped to a 5-month high, on strong safe-haven demand due to escalating fears over the global economic impact of the coronavirus spread in China and other countries.

Silver prices rose 1.4% to $18.91 an ounce (highest since September 5), after opening at $18.64, and hitting an intraday low of $18.57.

The metal gained 0.75% on Friday, to post its sixth daily gain in 7 days, on investors' risk-aversion and the continued safe-haven demand.

Silver gained 4.2% during the past week, to post the second weekly gain in a row, and the largest weekly gain since August.

Most global stock markets opened sharply lower, on investors' risk aversion, on growing fears of the coronavirus rapid spread outside China.

The virus death toll increased in Italy and Iran, while South Korea announced the highest alert state of infectious diseases, after the virus infected more than 700 cases and its death toll rose to 7 victims.

Brent crude lost more than 4% as the US market opened on Monday, to deepen losses for the third straight day, on escalating fears over the coronavirus spread outside China, with increasing infections in Italy, South Korea and Iran.

Brent crude fell by 4.2% to $56.00, after opening at $58.45, and hit today's high at $57.74.

Brent futures fell 1% on Friday, to post the second daily loss due to lingering fears over the coronavirus global outbreak.

Oil prices gained around 2% during the past week, to post the second straight weekly gain, after signs of a slowdown in coronavirus infections in China, US sanctions on Venezuela, and Libyan oil output drop.

The rapid coronavirus spread outside China escalated fears over weaker oil demand in a market that is already oversupplied, especially by the US.

South Korea today announced the highest alert state of infectious diseases, after the virus infected more than 700 cases and its death toll rose to 7 victims.

The Italian health authorities also revealed today 152 confirmed cases of coronavirus, after the virus claimed 4 victims.

Leading to Iran revealing 43 were infected and the death toll rose to 8 victims, pointing that most of cases occurred in the holy Shiite city, Qom.

The International Energy Agency (IEA) last week lowered its forecasts for global oil demand by 435,000 barrels per day during the first quarter of 2020 due to the coronavirus outbreak, in the first quarterly drop since the global financial crisis in 2009.