Stocks plunge as lockdown is announced in France and Germany
Updated: 2020-10-29 17:02:39 KST
French President Emmanuel Macron has announced a second nationwide lockdown starting Fridayto contain the recent surge of COVID-19 cases.
The lockdown period will last until at least the end of November as France's daily death toll is at the highest level since April.
"After discussing with all our European partners and weighing the good points and bad points, I've decided that we needed, starting from Friday, to again put in place the lockdown that had stopped the virus."
The president added that the country is at risk of (quote) "a second wave that no doubt will be harder than the first."
His announcement came not long after the German Chancellor declared a one-month lockdown in Germany starting next Monday.
Other European countries are also seeing record-high numbers of confirmed cases.
On Wednesday, Italy and the UK also reported their highest daily figures since May with 24,911 new cases in Italyand 24,701 in the UK.
Amid growing concerns over the lockdown in two of Europe's biggest economies, and its potential impact on the global economy U.S. stocks plunged on Wednesday.
According to CNBC news, the Dow Jones and S&P saw their worst drops since June 11th.
The Dow Jones Industrial Average dropped 3.4 percent, the S&P 500 fell 3.5 percent, and the tech-heavy Nasdaq dropped 3.7 percent.
This came after falls in the European markets.
The German Dax fell 4.2 percent to its lowest figure since late May while the French CAC 40 dropped 3.4 percent, and the FTSE 100 in London was down by 2.6 percent.
Bae Eun-ji, Arirang News.