Athens Stock Exchange Tumbles as World Markets Infected by Coronavirus Panic




The Athens Stock Exchange plunged 13.39 percent on Monday, as investors worldwide react to the coronavirus and the oil price war launched by Saudi Arabia overnight.

OPEC and Russia added to the worst one-day crash in crude prices in nearly 30 years, fueling panic triggered by the escalation of the coronavirus epidemic.

On Monday afternoon, the basic share price index of the Athens Stock Exchange closed by losing 13.39 percent, standing at 593.07 points. The stock market had earlier fallen 600 points, and was at its lowest level since December of 2018.

In New York the S&P 500 (SPX) futures plunged as much as 5 percent on Monday afternoon, triggering a cap which prevents futures from trading below that mark. Dow (INDU) futures are down more than 1,500 points, or about 6 percent. Nasdaq Composite (COMP) futures were down 4.96 percent.

In London the FTSE 100 leading index of shares plunged more than 7.5 percent. It is on track for its worst one-day fall since 2008.

In Italy the Milan stock market is tumbling, after Italy’s government sealed off large swaths of its country in an attempt to combat the Covid-19 coronavirus.

This has dragged the FTSE MIB index of Italian shares down by 11.17 percent.

Germany’s Berenberg bank has forecast that the coronavirus will drag Europe’s economy into recession this year.

It has slashed its forecast for European growth, and sees a sharp downturn in Italy and Germany during 2020.