[Europe Opening] 'COVID-19' Impact Leads to Sharp Decline at Start... UK FTSE Down 2.17%

Most Stocks Fall by 2% Early in the Session

[Image source=EPA Yonhap News]

[Asia Economy Reporter Hyunju Lee] European stock markets opened sharply lower on the 27th.

As of 5:07 PM Korean time, the UK FTSE 100 index is trading at 6889.88, down 2.17% from the previous trading day.

Germany's DAX index fell 2.11% to 12,505.57, and France's CAC index also dropped 2.20% to 5559.64.

The sharp decline is due to the rapid global spread of the novel coronavirus infection (COVID-19). First reported in Wuhan, China, COVID-19 has spread to 41 countries worldwide, excluding Antarctica, in just over two months. This has increased the likelihood of a global economic downturn. Earlier, former U.S. Federal Reserve Chair Janet Yellen expressed the view that "the U.S. economy could enter a recession" due to the impact of COVID-19's spread.