European stock index futures plunge as virus fears grow

European stock index futures fell more than 5% on Wednesday as fears over the relentless global spread of the coronavirus overshadowed sweeping U.S. stimulus measures to support businesses and contain the economic damage from the pandemic.

Euro Stoxx 50 futures STXEc1 were down 4.6% at levels last seen in 2012, and falling for the ninth time in 10 days.

German DAX futures FDXc1 tumbled 4.5%, while French CAC futures FCEc1 and London’s FTSE 100 futures FFIc1 were off 4.5% and 4.6%, respectively.

European investor sentiment has been crushed over the past month as some countries in the bloc imposed national lockdowns to halt the spread of COVID-19, the disease caused by the novel coronavirus.

Italy’s prime minister on Tuesday declared the virus was causing a “socio-economic tsunami” as European leaders agreed to seal off external borders.

S&P 500 e-minis EScv1 fell 3.69% to hit their daily down trading limit.

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