Global stocks plunge as Trump measures on pandemic disappoint

📆 3/12/2020 7:37 AM
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The MSCI all-country world index enters a bear market as European shares hit their lowest in nearly four years

A sign displaying the Hang Seng Index on March 12 2020 in Hong Kong, China. Picture: GETTY IMAGES/ANTHONY KWAN

European shares plummeted to their lowest in almost four years, with the benchmark Stoxx 600 index falling 4.9% in early deals. Travel and leisure stocks shed 8.6%, hitting their lowest in more than six years. Trump announced on Wednesday that the US will suspend all travel from Europe, except from Britain, to the US for 30 days starting on Friday. However, Trump said trade will not be affected by the restrictions. He also announced some other steps, including instructing the treasury department to defer tax payments for entities hit by the virus.

Investors worry how much of an effect policies can have in turning around the global economy given the restrictions on daily life, travel and business.

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