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European Shares Set To Extend Selloff

asian market down 23mar20 lt

European stocks set to open sharply lower on Monday to extend recent losses as countries around the world race to contain the ballooning coronavirus outbreak by imposing unprecedented lockdown measures.

As the global death toll exceeded over 14,000 with more than 325,000 infections, New Zealand said it would close all schools and non-essential services across the country for at least the next four weeks.

Australia started shutting down pubs, clubs, gyms and houses of worship, with the country's borders expected to remain shut for 'six months or more'.

The United Arab Emirates (UAE) halted flights for two weeks while Singapore and Taiwan banned foreign transit passengers.

Eighty cities in India are going into complete lockdown till March 31 to contain the spread of coronavirus.

Nearly one in three Americans were ordered to stay home as the U.S. became the third-largest number of confirmed cases, behind China and Italy, respectively.

New York implemented dramatic restrictions Sunday as the pandemic threatened to make the state one of the world's biggest coronavirus hot spots.

Germany banned gatherings of more than two people while Italy banned internal travel.

Asian markets crashed amid concerns of a deep global recession as the U.S. Senate failed to pass a key procedural vote to move forward with a huge stimulus package.

U.S. President Donald Trump told reporters at a press conference in the White House on Sunday that he is "upset" with China over its late sharing of information on coronavirus.

Gold prices fell while oil traded mixed after settling sharply lower on Friday.

U.S. stocks tumbled on Friday and capped their worst week since the height of the financial crisis as the virus numbers and economic backlash continued to be worrisome.

The Dow Jones Industrial Average plunged 4.6 percent, the tech-heavy Nasdaq Composite shed 3.8 percent and the S&P 500 lost 4.3 percent.

European markets closed higher on Friday as investors reacted positively to a raft of relief and support packages announced by governments and central banks from across the globe.

The pan European Stoxx 600 gained 1.8 percent. The German DAX rallied 3.1 percent and France's CAC 40 index climbed 5 percent, while the U.K.'s FTSE 100 ended with a 0.8 percent gain.

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