Europe shares decline and Corona’s fears dominate Europe

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Traders trade on the Frankfurt Stock Exchange on March 13, 2020. Photo: Reuters.

(Reuters) – European stocks tumbled on Monday as the Corona virus grew in most of Europe, while monetary easing measures by global central banks failed to reassure investors about the escalating economic damage.

The Stoxx 600 index of European shares fell 4.5 percent to the lowest level since 2013 and exchanges fell in France and Spain with the two countries joining Italy to implement a local closure of activities.

The Federal Reserve slashed interest rates to nearly zero in a new urgent move on Sunday, pledging to buy billions of dollars in assets and said the impact of the epidemic on the economy was “profound”.

Central banks in Japan, Australia and New Zealand followed suit with their own measures, but this did not stop the decline in global stocks. S&P 500 futures fell 4.77 percent to the maximum allowable daily decline after trading resumed on Sunday evening.

Energy stocks followed the downward trend in oil prices, while IJJ and Air France-KLM were among the biggest losers on the STOXX 600 index.

Prepared by Hala Kandil for the Arab Bulletin – Edited by Moataz Mohamed





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