Europe Stocks Crumble after Italy Reports the 4th Death from COVID-19!

The fourth death from coronavirus in Italy sparked a plummet in European markets as the country has become the largest contagious nation outside Asia.

 

As of 4:30 local time in Thailand, DAX fell 3.68%, FTSE plunged 3.05%, CAC dipped 3.59%, FTSE MIB lost 4.22% and STOXX600 sank 3.22%.

 

Italy has 152 confirmed cases with a recent report of its fourth death toll in the morning, sending fear throughout the country, especially in the northern region.

The Italian government has put a dozen towns in the north under quarantine including the wealthy regions of Lombardy and Veneto, where Milan and Venice are located, though the quarantined towns are just south of the financial hub of Milan. In addition, these two regions make up around 30% of Italy’s economy while the country is the third-largest economy in the eurozone.

It has been reported that schools, museums, universities and cinemas have been closed while other public events such as soccer matches, opera house, La Scala, have also been canceled. The world-famous Carnival in Venice was also cut short due to the enforcement of the government’s urgent measures to contain the virus.