London: Stock markets suffered a further hammering Monday despite massive economic stimulus efforts worldwide, with investors spooked by a mounting death toll from the coronavirus pandemic.
The negative mood was fuelled by the failure of US lawmakers to agree on a trillion-dollar emergency package to help the reeling American economy, analysts said.
European equities tanked four percent at the open before trimming some losses but still remained deep in the red in late morning deals and following heavy losses across Asia.
The dollar scaled to a three-year pinnacle against the euro as investors shunning risky equities flocked to the haven greenback.
On oil markets, Brent North Sea crude sank 4.6 percent and West Texas Intermediate was down 0.8 percent.
Oil has plunged in recent weeks to multi-year lows, mainly on slumping demand caused by the virus but also because of a price war between top producers Saudi Arabia and Russia.