European markets sank
Wednesday morning, despite Western governments promising to unleash billions of
dollars to help businesses and citizens get through the coronavirus pandemic.
Stoxx 600 fell 2.8% in early trade, with travel and leisure stocks dropping
another 5% to lead losses as all sectors slid into negative territory except
telecoms, which bounced 3.2%.
Global markets are
reacting to multi-billion-dollar pledges from various governments to help the
economy during the coronavirus outbreak.
On Tuesday, the White
House said it is seeking a stimulus package worth anywhere from $850 billion to
more than $1 trillion as the Trump administration looked to battle the economic
impact from the coronavirus pandemic.
“It’s going to be
big, it’s going to be bold,” President Trump said Tuesday morning of the
potential stimulus package, without disclosing its size.
billion of the package could go toward making direct payments Americans, a
White House official told The Wall Street Journal on Tuesday. Mnuchin said
earlier Tuesday that the administration wants to get emergency funds in
Americans’ pockets “immediately.”
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