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European stocks drop as record stimulus deal fails to stop coronavirus anxiety

Published 26/03/2020, 09:15
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
March 26 (Reuters) - European shares fell on Thursday after
gaining for two straight sessions, as the still rapidly
spreading coronavirus and fears of a deep global recession
overshadowed optimism from a historic $2 trillion U.S. fiscal
stimulus deal.
The pan-European STOXX 600 index .STOXX was down 2% at
0803 GMT, with German shares .GDAXI down 1.8% as a survey
showed consumer morale in Europe's biggest economy fell sharply
to its lowest level since 2009. Italian .FTMIB and Spanish .IBEX stock markets fell
between 2.2% and 2.5% as the number of fatalities from COVID-19
in Italy topped 7,500, while those in Spain rose beyond 3,400
and exceeded the total death toll in China. Global stock markets also struggled to hold on to early
gains as investors braced for a surge in U.S. jobless claims,
with estimates ranging from 250,000 to a whopping 4 million as
economic activity ground to a halt under state-wide lockdowns.
MKTS/GLOB
British electricals retailer Dixons Carphone DC.L tumbled
2% after warning it would not meet its forecast for 2019-20
profit and debt as the virus outbreak forced the closure of its
stores in the UK, Ireland and Greece.

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