3/23/2020, 5:30 PM (Source: TeleTrader)
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Europe tanks at close as COVID-19 fears pile up

Stock on European markets sank at the closing bell on Monday as the coronavirus outbreak continued to fuel selloff globally.

Germany and Spain marked the sharpest jumps in both daily coronavirus cases and deaths on Monday, while Italy, the epicenter of the infection in Europe, is set to announce its numbers later today. The European Union's response to COVID-19 will have "no limits," Eurogroup chief Mario Centeno claimed, while the German Bundesbank saw the country's economy sinking into "inevitable" recession due to the coronavirus impact.

On the data front, the European Commission's latest estimate showed that consumer confidence in the euro area shrunk in March.

The DAX closed the session with losses of 2.23% with MTU Aero Engines plunged nearly 15%. Meanwhile, the CAC 40 in Paris plummeted 3.74% driven by Airbus' losses of nearly 14% while the FTSE 100 dipped 4.34% at the same time as Hargreaves Lansdown PLC lost over 17%.

The euro went up by 0.31% against the greenback, changing hands for 1.07339 at 5:29 pm CET.

Baha Breaking News (BBN) / GA