The pan-European Stoxx 600 dropped 8% near the start of trading, travel and leisure stocks plummeting 14.3% to lead losses as all sectors and major bourses slid into the red.
Markets on Monday are reacting to the shutdown taking place on the continent. Spain has imposed a 15-day nationwide lockdown, banning its 46 million citizens from all-non essential movement. The country imposed the state of emergency decree, as it confirmed the highest number of COVID-19 cases in Europe, after Italy.
Meanwhile, France and Germany have closed large parts of their economies and fortified borders as they step up their efforts to contain the spread of the coronavirus.
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