The coronavirus epidemic of Italy is a pound economy because $ 1 MILLION has been wiped out of stock markets
Italy’s coronavirus epidemic pounds economy, as $ 1 MILLION is wiped away from the value of global stock markets due to outburst fear
- The fear of investor infections skewed 5.4 percent of the Milan stock exchange
- Financial and industrial core areas of Lombardy and Veneto are hit the hardest
- More than $ 1 trillion was swept away from the value of global stock markets because of fears
The coronavirus epidemic in Italy has crushed the country’s economy, which fell after seven people died and 229 became ill.
It came when more than $ 1 trillion was wiped away from the value of the world’s stock markets due to fear of the virus outbreak.
The fear of investor infections supported 5.4 percent of the Milan stock exchange after the northern regions of Lombardy and Veneto – the industrial and financial core countries – entered a lockdown.
The current market decline could just be the start of Italy’s misery, with Prime Minister Giuseppe Conte warning that the economic hit could be “very strong.”
He said: “The economic impact can be very strong. At the moment we can calculate that there will be a negative economic impact, we are not yet in a position to predict what will happen. ”
The current market decline could be just the start of Italy’s misery, with Prime Minister Giuseppe Conte warning that the economic hit could be “very strong”
Investor fears shave 5.4 percent off the Milan stock exchange after closing the northern regions of Lombardy and Veneto – the industrial and financial core countries – (photo: an ambulance in an abandoned Codogno, one of the northern Italian cities) that are closed)
After the ministers announced that top football matches would be played in empty stadiums to prevent fans from spreading the virus, Juventus shares fell 11 percent, suspending trading.
Elsewhere in Europe, Frankfurt and Madrid fell by four percent, Paris lost 3.9 percent and London lost 3.3 percent.
Dow Jones of Wall Street was on track for the biggest daily decline in two years and the S&P 500 fell by more than 3 percent on Monday as investors fled riskier assets as fears of the global economic impact of the corona virus increased after an increase in cases outside of China.
The collapse of the US indices followed a sell-out in overseas markets, as an increase in the disease in South Korea and Europe confused investors.
More cases of the virus have also been reported in the Middle East as it spreads to Iran, Iraq and Kuwait, among others.
The viral outbreak threatens to disrupt global economic growth and to harm profits and revenues for a wide range of companies.
Women with a protective face mask visit the Gallery Vittorio Emanuele II, close to the Piazza del Duomo in the center of Milan
The Spanish IBEX 35 fell nearly 3 percent at the start of the trading day for fear of a rapid spread of the corona virus outside of China
Richard Hunter, head of markets at the Interactive Investor investment platform, said: “The gloomy realization that cases outside of China could be the early stages of a pandemic, with the lockdown in Italy as an addition to new reported cases in Asia and Korea, not only has fueled fear at the human level, but also that the economic impact could be more serious than initially thought. “
It follows a series of warnings from large companies that are already troubled by corona virus. Jaguar Land Rover said it had to fly components into suitcases from China last week because factory closures stopped supply chains and the car manufacturer admitted that it might not have enough parts to support production after March.
Airlines and other companies that depend on travelers suffer pain from canceled plans and shutter locations.
Technology companies were among the hardest hit by the sale. Apple, which is dependent on China for many companies, fell by 4.8 percent. Microsoft fell 4.3 percent. Banks were also big losers. JPMorgan Chase fell by 2.7 percent and the Bank of America fell by 4.7 percent.
Airlines and cruise ship operators also fell. American Airlines lost 8.5 percent, Delta Air Lines fell 6.3 percent, Carnival shot 9.4 percent and Royal Caribbean Cruises fell by 9 percent.