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European Markets Sustain Major Losses

VOA News

   European markets are all trading lower Thursday amid rising fears that
   the global economy is still in the grips of the coronavirus pandemic.

   London's FTSE index is down a whopping 2.2% in midday trading, with the
   CAC-40 in Paris trading 1.8% lower and Frankfurt's DAX index down 1.5%.

   Thursday's selloff began earlier in Asia, with Tokyo's Nikkei index and
   the S&P/ASX in Sydney both losing 1.7% at their closing bells. Hong
   Kong, Seoul, Shanghai and Taipei also posted significant losses.

   Investors appear to be disheartened by a warning issued Wednesday by
   Jerome Powell, the chairman of the U.S. Federal Reserve, that the
   current economic downturn caused by the global COVID-19 outbreak will
   last into the foreseeable future.

   In futures trading, the Dow Jones was slightly lower, while the S&P 500
   and Nasdaq are in positive territory, indicating a mixed start for Wall
   Street Thursday.

   While equities are losing ground, the price of oil is on the upswing.
   The U.S. benchmark West Texas Intermediate crude is trading at $26.37
   per barrel, up 4.2%, while Brent crude, the international benchmark, is
   selling at $30.28 per barrel, up 3.7%.