Europe: Shares slump to 2012 lows; travel and leisure stocks pummelled

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[BENGALURU] European shares plummeted to 2012 lows on Monday as the coronavirus pandemic raged through Europe, with dramatic monetary easing by global central banks failing to reassure investors about its growing economic damage. Read more at The Business Times.

The US Federal Reserve cut interest rates to near zero in its second emergency move in two weeks and pledged hundreds of billions of dollars in asset purchases, saying the epidemic was having a"profound" impact on the economy.

Central banks in Japan, Australia and New Zealand followed with their own measures but could not stem a slide in global stocks. The benchmark European index has now lost more than a third of its value since hitting a record high in mid-February, with declines made worse by a crash in oil prices and the European Central Bank's decision to hold interest rates last week.

 

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