The markets of Europe on Monday have plunged as the region has gone into the mode of shutdown for the preventing of the spread of coronavirus. The stocks of Europe saw a drop of close to 8% in the beginning of trade and the travel and leisure stocks had plummeted by 14.3% as it lead to the losses as all the sectors and major bourses had slid into the negative. The markets on this Monday had reacted to this shutdown which took place in the continent.
Spain has also imposed a nationwide lockdown of 15 days as it banned 46 million of its citizens from movement which was non-essential. The country had imposed a state of emergency as it had confirmed the highest number of cases in the region of Europe except Italy. Meanwhile, Germany and France have been closing the larger parts of economies and their fortified borders as they had stepped their efforts up for containing the coronavirus spread. The government of United Kingdom has been facing the growing calls for taking a lot more drastic measures and this is coming after the administration of Trump had expanded their travel ban for including Ireland and United Kingdom.
The markets have also been reacting to the Federal Reserve slashing its benchmark rates of interest in a surprising move on Sunday under the quantitative easing program which is going to be an emergency move. Most of the stocks in Asia Pacific have fallen mostly on Monday as they also reacted to the action which has been taken by Fed. In Australia, the losses in the major markets lead to a drop of 7.54% as it had been weighted heavily in the index over 8%.
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