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Huge stock market falls in London, Frankfurt, Paris and Milan

Major European stock exchanges recorded huge daily losses on Thursday, with London, Frankfurt, Paris and Milan all falling by more than 10 per cent.

Major European stock exchanges recorded huge daily losses on Thursday, with London, Frankfurt, Paris and Milan all falling by more than 10 per cent.

A coronavirus emergency package announced in the afternoon by the European Central Bank disappointed markets already reeling from a US entry ban on travellers from many EU countries, and the World Health Organization’s assessment that Covid-19 was now a pandemic.

London’s FTSE 100 index closed nearly 11 per cent down in its worst day’s trading since 1987. In Frankfurt, the DAX index ended the day down 12.24 per cent at 9,161.13, its worst day since 1989.

In Italy, which is under virtual national lockdown, the Milan FTSE MIB index plummeted 16.9 per cent to close at 14,894.44 points, its worst daily fall since the index was created in 1998. The CAC 40 index on the Paris bourse fell 12.28 per cent and has now lost a third of its value in a month.

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