Worst Quarterly Performance on European Stock Markets since 2002
Exchanges dropped more than 23 percent due to virus outbreak
European markets have performed worst since 2002 when the coronavirus outbreak hit the regional economy.
With yesterday’s closing, the Stoxx 600 Index has fallen 23.03 percent since the beginning of the year. This was the worst first-quarter performance, the index dropped 23.33 percent in the third quarter of 2902.
Italy was the most affected by the outbreak that occurred in China and spread around the world, while the number of deaths in the country exceeded 12 thousand and the number of deaths in Spain exceeded 8 thousand. In Spain, the IBEX 35 Index led the fall in European exchanges with a 29 percent loss. That figure was the worst quarterly performance in history. In Italy, too, the FTSE MIB Index fell 27.5 percent to a record low.
French stock exchange CAC 40 completed the first quarter with 26.46 percent, British FTSE 100 Index with 24.8 percent and German DAX Index with 25 percent.
Historical declines were experienced in the US stock exchanges in the January-March period. The Dow Jones Index fell 23.2 percent and the S&P 500 Index fell 20 percent.
European stock markets continue their losses this morning.