European stocks flounder & Spanish Stock Exchange closes at all time low.

European stocks flounder & Spanish Stock Exchange closes at all time low.

12-03-2020EFE

There was carnage in Global Financial markets on Thursday thanks to the coronavirus crisis.

European stocks were down 11% at close of business, the worst drop in one day that’s ever been witnessed.

The FTSE fell more than 10%, the DAX was off by more than 12%, 12% was wiped of the CAC 40, Italian stocks plummeted by nearly 17% and Spain’s Ibex 35 was battered, down 14% at the close, the worst fall in its history at 6,390.9 points, which is similar to levels in August 2012.

European Central Bank’ measures against coronavirus have not convinced investors and interest rates were left unchanged on Thursday which just added to the turmoil.

As if all that wasn’t enough, the US President’s ban on travel from Europe to the US from midnight on Friday, led to a 6% slump in Oil and Gold also slipped by 2%.

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