Global stocks tank on fears of second coronavirus wave

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The banking sector was rocked by the findings of an international journalism investigation that claimed massive sums of allegedly dirty money have flowed for years through some of the world's largest banking institutions.

LONDON - World equity markets tanked Monday, losing around three percent as investors fretted over mounting fears of a second wave of coronavirus and a lack of fresh central bank stimulus, dealers said.

Frankfurt, Paris, Milan tumbled three percent while Madrid sank by 3.5% after a partial virus lockdown began in the Spanish capital's densely populated south. He added: "Travel stocks again faced severe turbulence amid the rising fears over new restrictions - with British Airways owner International Airlines Group the top FTSE 100 faller."

"Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks' own employees," according to the probe.

 

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