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European shares close 4% lower despite multi-billion dollar stimulus pledges; oil stocks down 10%
Wednesday, 18 March 2020 23:49 WIB | MARKET UPDATE |Indeks Stoxx Europe 600

European markets sank Wednesday, despite Western governments promising to unleash billions of dollars to help businesses and citizens get through the coronavirus pandemic.

The pan-European Stoxx 600 closed down more than 4%, with oil and gas stocks plunging 10% to lead losses as all sectors and major bourses slid deep into negative territory.

Sterling slid below $1.19 on Wednesday to hit its lowest point since October 2016 as liquidity concerns sent the dollar surging and hammered currencies around the world.

Global markets are reacting to multi-billion dollar pledges from various governments to help the economy during the coronavirus outbreak. Confirmed cases have now surpassed 205,000 worldwide, according to Johns Hopkins University.

Source: CNBC

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