The Athens Stock Exchange plunged 13 percent in early trading 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.
At noon in Athens, the basic share price index was down 10.80 percent, standing at 610.81 points, and turnover was at 9.97 million euros. 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 Sunday evening, triggering a cap which prevents futures from trading below that mark. Dow (INDU) futures are down more than 1,200 points, or about 4.9 percent. Nasdaq Composite (COMP) futures were down 4.8 percent.
In London the FTSE 100 leading index of shares has plunged more than eight percent in early trading. 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 10 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.