European Stocks Plunge Sharply as Infections Reach Daily High-Trump Rejects Relief Bills

Stocks in European markets made a sharp plunge in the morning session on Wednesday after the coronavirus infections are on a rise, whereas hopes for the stimulus package stateside got turned down by Trump.

 

As of 16:57 local time in Thailand, DAX fell 3.22%, FTSE dropped 1.79%, CAC plunged 2.89% and STOXX600 lost 2.07%.

 

According to Reuters data, there have been at least 8,701,000 reported infections and 253,000 reported deaths caused by the novel coronavirus in Europe so far.

The new coronavirus cases reported in France each day reached a new high, recording over 36,000 cases daily. Meanwhile, the United Kingdom reported over 22,100 cases and Italy had over 18,600 cases each day. All three are at their peak and on the rise.

U.K. is taking the restriction measure up a step and starting to enter another lockdown based on the severity of the outbreak in each city. France is reportedly considering a month-long lockdown.

As for Italy, dozens of towns in the northern regions of Lombardy and Veneto have been quarantined under the plan. Meanwhile, certain areas in the region are now forbidden to enter or leave without special permission.

On Tuesday, the U.S. President Donald Trump acknowledged that there will be no stimulus package before election day on November 3rd, with the White House and congressional Democrats still embroiled in protracted negotiations.