European markets have fallen despite governments promising to hand out billions of dollars to help businesses and citizens get through the coronavirus pandemic.
The pan-European Stoxx 600 fell 3.7 per cent in early trade, with financial services stocks falling 5.8 per cent as all sectors dipped except telecoms, which increased by 2.4 per cent.
Global markets are reacting to multi-billion dollar pledges from various governments to help the economy during the coronavirus outbreak.
The White House said it is seeking a stimulus package worth anywhere from $850 billion (£716bn, €774bn) to more than $1 trillion as the Trump administration looked to combat the economic impact from the coronavirus pandemic.
Potentially $250 billion of the package could go toward making direct payments to Americans.
Meanwhile, the UK announced a £350 billion package – equivalent to 15 per cent of GDP – to help businesses pay for supplies, rent and salaries. The government said it would do “whatever it takes” to protect the economy and livelihoods.
UK ministers promised mortgage “holidays”, £330 billion in loans and £20 billion in other aid.
Meanwhile, shares in Asia Pacific mostly fell in afternoon trade, with Australia leading losses among the region’s major markets. The S&P/ASX 200 dropped 6.43 per cent by close.
Rolls-Royce shares plunged 18.7 per cent in early trade, while plane manufacturer Airbus fell 14 per cent after it was revealed that the US is set to increase tariffs on its planes by 50 per cent.
At the top of the European benchmark, Proximus and BT both gained more than 11 per cent to lead telecoms.