European shares end at 7-year low as travel & leisure stocks slumped



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European shares end at 7-year low as travel & leisure stocks slumped

On Monday, the 16th of March 2020, a slew of European stock indices had faltered to their lowest levels since 2012 amid a mass-slaughter of travel, leisure and aviation stocks following stiffer travel ban imposed by almost all of members of the bloc.

On top of that, Monday’s (March 16th) havoc-scale plunge of European stock indices came forth a day after histrionic monetary easing of major Central Banks across the globe, nonetheless, latest rout of European stocks strongly suggested that the Central Banks’ measures had failed to reassure investors amid an uncertain market outlook catalysed by the coronavirus outbreak which had been pouring fresh scorns over Eurozone economy after rampaging China’s economic growth earlier this year.

In tandem, over the narratives of a growing number of conflicting odds including a price war over crude oil market shares alongside a clattering coronavirus outbreak, the regional pan-European STOXX 600 faltered as much as 4.9 per cent on Monday (March 16th), while the bloc’s Airlines and holiday operators such as IAG, Air France and TUI had been the heaviest hit.

Meanwhile, referring to further downside momentum of European stock indices over the coming days, a head of strategy at TS Lombard in London, Andrea Cicione said on Monday (March 16th), “The already-struggling restaurants and companies operating in tourism, hotel and leisure will lay off people, who they might hire back later, but initially there will be an increase in unemployment, and that means a further shock to the minds of investors.

” Quoting statistics, on Monday’s (March 16th) European market wrap-up, London’s FTSE 100 plunged 4.01 per cent to 5,151.08, London’s mid-capped FTSE Mid 250 lost 7.79 per cent to 14,349.75 and Frankfurt’s DAX dwindled 5.31 per cent to 8,742.25, while French CAC 40 shredded off 5.75 per cent to 3,881.46 and Madrid’s benchmark IBEX 35 tottered 7.88 per cent to 6,170.20.

Elsewhere in the Europe, key indices of Austria and Czech Republic curbed out as much as 9.90% and 8.20 per cent respectively, while the Italy’s benchmark FTSE MIB had rounded off Monday’s (March 16th) market 6.10 per cent lower to 14,980.34 after falling as much as 13.28 per cent during midday trading to hit an intra-session low of 14,157.94, its lowest level since late-2012.