European Markets Plummet On Trump's Travel Ban

(RTTNews) - The major European stock markets moved sharply lower to four-year lows on Thursday after U.S. President Donald Trump banned travel from most of Europe to the United States for 30 days, intensifying investor fears about the economic fallout from the coronavirus.

Germany's DAX plummeted 1,277.55 percent or 12.24 percent to 9,161.13, while London's FTSE crashed 639.04 points or 10.87 percent to 5,237.48 and the CAC 40 in France plunged 565.98 points or 12.28 percent to 4,044.26.

In Germany, Daimler tumbled 18.85 percent, while Deutsche Bank plunged 18.44 percent, thyssenkrupp skidded 18.26 percent, Volkswagen sank 15.21 percent, Deutsche Lufthansa retreated 14.04 percent, Deutsche Post lost 12.02 percent, Deutsche Telekom shed 10.66 percent and Linde fell 6.36 percent.

In London, Centrica plummeted 17.74 percent, while Carnival plunged 17.71 percent, Rolls-Royce Holdings cratered 16.07 percent, Royal Dutch Shell tumbled 15.50 percent, St. James Place sank 12.26 percent, Vodafone sank 11.53 percent, British American Tobacco lost 10.34 percent, Tesco fell 9.00 percent and Rightmove slid 7.83 percent.

In France, Peugeot cratered 18.02 percent, while Societe Generale Societe plummeted 17.14 percent, Credit Agricole tumbled 16.49 percent, TechnipFMC plunged 15.58 percent, BNP Paribas sank 13.07 percent, Vivendi declined 12.66 percent, Sanofi and Thales both dropped 7.77 percent and L'Oreal was down 7.27 percent.

Italy shut all stores except for pharmacies and food shops in a desperate bid to halt the fast-spreading virus that has killed 827 in the country in just over two weeks.

Elsewhere in Germany, some 56 percent of German companies are suffering negative effects from the coronavirus epidemic.

Trump's address on the coronavirus also thoroughly failed to quell concerns about the economic impact of the outbreak.

The World Health Organization (WHO) has declared the coronavirus as a global pandemic after the virus spread to 114 countries, resulting in the deaths of more than 4,500 people worldwide.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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