European stocks drop as record stimulus deal fails to stop coronavirus anxiety

Italian and Spanish stock markets fell between 2.2 per cent and 2.5 per cent as the number of fatalities from COVID-19 in Italy topped 7,500.

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The pan-European STOXX 600 index was down 2 per cent at 0803 GMT, with German shares down 1.8 per cent as a survey showed consumer morale in Europe's biggest economy fell sharply to its lowest level since 2009.
European shares fell on Thursday after gaining for two straight sessions, as the still rapidly spreading coronavirus and fears of a deep global recession overshadowed optimism from a historic $2 trillion US fiscal stimulus deal.

The pan-European STOXX 600 index was down 2 per cent at 0803 GMT, with German shares down 1.8 per cent as a survey showed consumer morale in Europe's biggest economy fell sharply to its lowest level since 2009.

Italian and Spanish stock markets fell between 2.2 per cent and 2.5 per cent as the number of fatalities from COVID-19 in Italy topped 7,500, while those in Spain rose beyond 3,400 and exceeded the total death toll in China.


Global stock markets also struggled to hold on to early gains as investors braced for a surge in US jobless claims, with estimates ranging from 250,000 to a whopping 4 million as economic activity ground to a halt under state-wide lockdowns.

British electricals retailer Dixons Carphone tumbled 2 per cent after warning it would not meet its forecast for 2019-20 profit and debt as the virus outbreak forced the closure of its stores in the UK, Ireland and Greece.
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