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March 9 (Reuters) - European shares slumped across the board
on Monday, taking the benchmark STOXX 600 into bear market
territory as a lockdown in northern Italy due to the coronavirus
outbreak and a 30% plunge in oil prices amplified fears of a
global recession.
The pan-European STOXX 600 fell 6.1% by 0807 GMT,
entering bear market - commonly defined as a 20% drop from
all-time highs.
London's commodity-heavy FTSE 100 was down 8.0%,
with shares of oil majors BP and Royal Dutch Shell
down more than 20%. The top decliner on the STOXX 600
was Tullow Oil, with an eye-popping 57% drop.
Europe's oil & gas index tumbled 7.3%, with crude
prices in a free fall after Saudi Arabia started
a price war by slashing its official selling price and setting
plans for a dramatic increase in crude production next month.
Italy became the frontline of the crisis in Europe after the
government ordered a virtual lockdown across much of its wealthy
north, including the financial capital Milan, in a drastic new
attempt to try to contain the outbreak.
(Reporting by Sagarika Jaisinghani and Sruthi Shankar in
Bengaluru; editing by Patrick Graham, Bernard Orr
)
Tullow Oil (TLW)
BP (BP.)
