DAX tumbles 550 pts as COVID resurges in Europe

Monday, 21. September 2020 16:55

Major European stock markets tumbled near the end of the Monday session as the coronavirus crisis continued to significantly hamper the continent's economies. UK's health advisor Patrick Vallance claimed the country could see 50,000 COVID-19 cases per day soon if the outbreak continues to expand at this rate.

Meanwhile, ECB's President Christine Lagarde warned the recovery remains uncertain and incomplete due to the pandemic. In business news, Lufthansa announced the airline would have to layoff more employees as the virus-related movement restrictions caused lower demand for air travel.

The DAX sank 4.17% or 547 points at 5:00 pm CET, while the FTSE 100 concurrently tumbled 3.46% or 207 points. A minute later, the CAC 40 plunged 3.65 points or 181 points. The euro lost 0.80% against the dollar to sell for $1.17457 at 5:01 pm CET, while the pound dropped 0.91% versus the greenback to go for $1.28006 at the same time.

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