Stock markets in Europe are opening to a downward trend, following a plunge in Asia. Exchanges in London and Frankfurt dropped eight percent while Paris slid by four percentage points right after the opening.

Earlier on Monday, Asian equities collapsed amid concerns over an economic slowdown due to the spread of the coronavirus and a 31-percent plunge in the price of oil, unseen since the 1991 Gulf War.

Germany’s DAX index fell 7.8 percent after the Frankfurt Stock Exchange opened trading on Monday, and is project to have its biggest daily drop in 18 years.

London’s commodity-heavy FTSE 100 was down more than eight percent, with stocks of oil companies among those hit hardest by the collapse.

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Source: RT