Last checked at 
(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* Fed's emergency rate cut rattles global markets
* French, Spanish markets lead declines
* Travel and leisure stocks plunge as pandemic halts travel
* Credit Suisse hits record low on report of U.S. probe
(Adds comments, details; updates prices)
By Sagarika Jaisinghani
March 16 (Reuters) - European shares plummeted to 2012 lows
on Monday as the coronavirus pandemic raged through Europe, with
dramatic monetary easing by global central banks failing to
reassure investors about its growing economic damage.
The pan-European STOXX 600 fell 7.9%, with markets
in France and Spain leading losses as the two
countries joined Italy in enforcing a national lockdown.
Airlines and holiday operators including TUI,
EasyJet, British-Airways owner IAG and Air
France - KLM were among the biggest decliners on the
STOXX 600 as the pandemic brought global travel to a standstill.
The wider travel and leisure index plunged more than
12.6%. Europe's fear gauge jumped to a record high of
91.78.
"Everyone's just looking at the measures taken in terms of
limiting (social) activity, which is currently outweighing any
stimulus," said Bas van Geffen, an ECB analyst at Rabobank.
"Even though they are providing as much liquidity as they
can, we are currently seeing a supply shock that is hindering
production. And we're seeing consumers less willing to spend or
even, with shops being closed, they can't spend."
The U.S. Federal Reserve slashed interest rates to near zero
in its second emergency move in two weeks and pledged hundreds
of billions of dollars in asset purchases, saying the epidemic
was having a "profound" impact on the economy.
Central banks in Japan, Australia and New Zealand followed
with their own measures. None could not stem a slide in global
stocks. S&P 500 futures fell 4.77% to their daily down
limit shortly after resuming trading on Sunday night.
The benchmark European index has now lost more than a third
of its value since hitting a record high in mid-February, with
declines made worse by a crash in oil prices and the European
Central Bank's decision to hold interest rates last week.
The latest economic data from China showed factory
production plunging at its fastest pace in 30 years. That
re-ignited fears of a global recession as the pandemic paralyses
supply chains and crushes business sentiment.
French banks Natixis and SocGen gave up
14.8% and 14.2%, respectively, dragging the wider market
down 8.9% to a six-year low.
Spain's IBEX slumped 10% to its lowest since July
2012, with financials Santander, BBVA,
Caixabank SA and Banco de Sabadell SA
shedding 11.9% to 16.9%.
Europe's banking index fell about 10.5% to a record
low.
Credit Suisse plummeted 10.8% to an all-time low
after a report that U.S. prosecutors were investigating the
bank's role in a $2 billion Mozambique corruption case.
All eyes will now be on a Group of Seven teleconference at
1400 GMT to discuss the health crisis.
(Reporting by Sagarika Jaisinghani and Sanjana Shivdas in
Bengaluru; editing by Larry King)
