Europe’s share markets suffered their biggest slump since mid-2016, as a jump in coronavirus cases in Italy, South Korea, Japan and Iran sent investors scrambling to the security of gold and government bonds
LONDON - Europe’s share markets suffered their biggest slump since mid- 2016 on Monday, as a jump in coronavirus cases in Italy, South Korea, Japan and Iran sent investors scrambling to the security of gold and government bonds.
Frankfurt and Paris both fell more than 3.5% and London’s FTSE dropped 3.3%, wiping at least $400 billion off the region’s market value in a few hours. “Everybody sees that this could be another leg down for the economy, and we were already in quite a fragile state to begin with,” said Rabobank’s head of macro strategy, Elwin de Groot. “It could be another step towards a recession in more countries.”
The virus has now killed 2,592 people in China, which has reported 77,150 cases, and spread to some 28 other countries and territories, with a death toll outside of China around two dozen, according to a Reuters tally. U.S. fed fund futures signalled more rate cuts later this year and a near 20% chance of a cut next month.
Korea’s won was down 1% at 1,219.06 after falling to its weakest since August 2019. Emerging-market currencies from Mexico’s peso and Turkey’s lira to Poland’s zloty and Russia’s rouble were all in the red.
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