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European stocks open nearly 5% lower after Fed’s emergency actions – MarketWatch

European stocks opened sharply lower on Monday as the impact of the spreading coronavirus on the world economy offset efforts by the U.S. Federal Reserve to limit the fallout. The Stoxx Europe 600
SXXP,
-8.97%

opened about 5% lower. The number of Italian COVID-19 cases surged as the U.S. expanded a travel ban to the U.K. and Ireland, Germany announced it was partially closing its borders, France closed its famous cafes and restaurants and the Netherlands ordered its weed-selling coffee shops to close. The Federal Reserve on Sunday cut interest rates to nearly zero and said it would buy back $700 million of Treasurys and mortgage-backed securities. Futures on the Dow Jones Industrial Average
YM00,
-4.55%

were down over 1000 points.

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