(Reuters) – 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. The pan-European STOXX 600 fell 8.7%, with markets in France .FCHI and Spain .IBEX leading losses as the two countries joined Italy in enforcing a national lockdown. Airlines and holiday operators including TUI (TUIT.L), EasyJet (EZJ.L), British-Airways owner IAG (ICAG.L) and Air France – KLM (AIRF.PA) were among the biggest decliners on the STOXX 600 as the pandemic brought global travel to a standstill. The wider travel and leisure index .SXTP plunged more than 14%. Europe’s fear gauge .V2TX jumped to a record high of 91.78. “Everyone’s just looking at the measures taken in terms of limiting (social) activity, which is currently outweighing any stimulus,” said Bas van Geffen, an ECB analyst at Rabobank. “Even though they are providing as much liquidity as they can, we are currently seeing a supply shock that is hindering production. And we’re seeing consumers less willing to spend or even, with shops being closed, they can’t spend.” (Graphic: European stocks at 2012 lows, here) The U.S. Federal Reserve slashed interest… Read full this story
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