European markets tanked Monday as global investors braced for the spread of the coronavirus and oil prices fell after the collapse of OPEC talks.
The pan-European Stoxx 600 was ended the day over 7% lower at 340.83 — that’s down more than 20 percent from its year high of 433.90 meaning its in bear market territory. Oil and gas stocks plunged over 16% to lead losses as all sectors and major bourses declined sharply.
Stocks in Asia saw steep declines on Monday afternoon as oil prices plunged after OPEC failed to strike a deal with its allies on production cuts. The declines in markets in the region were exacerbated by fears surrounding the coronavirus spread. Stateside, trading on Wall Street was halted for 15 minutes after the S&P 500 sank 7% at the start of the session.
Source : CNBC