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3/18/2020, 9:28 AM (Source: TeleTrader)
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Europe trades in red as coronavirus spreads

Major stock markets in Europe opened trading lower on Wednesday driven by concerns regarding the spread of the coronavirus through the continent. The United Kingdom Business Secretary Alok Sharma said that "both the prime minister and the chancellor have been very clear. We will do whatever it takes." Meanwhile, the European Automobile Manufacturers' Association (ACEA) reported the number of new passenger car registrations in the European Union (EU) dropped 7.4% annually to 957,052 units in February. It is expected that Eurostat releases data on the trade balance and European consumer index as well.

European Union decided yesterday to close its external borders for non-essential travel to stem the coronavirus outbreak.

The FTSE 100 dropped 3.37% at 9:31 am CET. Rolls-Royce Holding plc fell 17.45%. The DAX lost 3.74%, at 9:32 am CET with MTU Aero Engines as the worst performer. The CAC 40 was 2.92% lower with Airbus falling by 13.55%.

The euro fell 0.20% against the dollar at 5:32 pm CET, selling for $1.10975. The stood flat against the greenback, changing hands for $1.20544.

Baha Breaking News (BBN) / TF