[Asia Economy Reporter Jeong Hyunjin] European stock markets opened sharply lower on the 24th. This appears to be due to growing concerns that the impact on the global economy will be greater as the novel coronavirus infection (COVID-19) rapidly spreads not only in China but also in Korea, Italy, and Iran.
At 8:11 a.m. (Greenwich Mean Time, GMT) on the day, the UK FTSE 100 index was trading at 7,244.45, down 2.15% (159.47 points) from the previous trading day. Germany's DAX index and France's CAC 40 index also fell by 2.71% and 2.83%, respectively, to 13,210.97 and 5,859.23.
The pan-European Euro Stoxx 600 index was trading at 417.82, down 2.39% at the same time. In particular, the automotive sector saw stock prices drop by more than 4%.
The reason for such a sharp decline in European stock markets is the rapid spread of COVID-19 in Italy. On the night of the 23rd, the number of confirmed COVID-19 cases in Italy was reported to be at least 152, doubling in one day. The death toll also increased to 3.
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