European Stocks Plunge Most on Record After ECB Underwhelms
- Stoxx 600 in worst ever slump on U.S., Europe policy letdown
- Travel & leisure hits 2013 low, banks slump most on record
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European stocks tumbled the most on record after disappointing responses to the virus outbreak from the U.S. and Europe, wiping off $4 trillion in market value since the sell-off began late last month.
The Stoxx Europe 600 Index closed down 11%, erasing more in market cap since the Feb. 19 peak than the size of Germany’s economy. Investors reeling from a U.S. ban on travel from Europe were further disappointed by the European Central Bank’s decision to keep key rates unchanged, while boosting quantitative easing and liquidity tools.