European markets sank Wednesday morning, despite Western governments promising to unleash billions of dollars to help businesses and citizens get through the coronavirus pandemic.
The pan-European 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.
Potentially $250 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.”
EuroStoxx 50 Short (Sell)
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