BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks fell on Monday to extend losses from the previous session on fears that the worst is yet to come in the struggle against COVID-19.
British officials warned that normal life may not return to the U.K. for up to six months.
The White House on Sunday sent out a dire warning, saying that a total of 100,000 to 200,000 Americans could eventually succumb to the virus in a worst-case scenario in two weeks coinciding with Easter weekend.
'It is clear that we have entered a recession' that will be worse than the one in 2009, following the global financial crisis, IMF chief Kristalina Georgieva said Friday.
The pan European Stoxx 600 was down 0.3 percent at 309.97 after tumbling 3.3 percent on Friday.
France's CAC 40 index shed 0.6 percent and the U.K.'s FTSE 100 gave up 0.9 percent, while the German DAX was rising 0.2 percent, reversing early losses.
Swiss engineering company ABB fell 5 percent. The company said it expects first-quarter revenues to decline in all its businesses due to the COVID-19 pandemic.
ING Group shares slumped 6 percent. The Dutch banking and financial services company said it would suspend any payment of dividends on its ordinary shares until at least 1 October 2020.
ASML Holding rallied 2.3 percent. The chip-equipment maker said it currently expects revenue in the first quarter to be between 2.4 billion euros and 2.5 billion euros, with a gross margin between 45 percent and 46 percent.
Due to the uncertainties regarding COVID-19, the company has decided not to execute any share buybacks in the second quarter of 2020.
Italy's UniCredit plunged over 6 percent after suspending a dividend payment and a share buyback.
LVMH rose 0.8 percent. The luxury goods conglomerate said it can be reasonably expected that the first quarter consolidated revenue will decrease in a range between 10 and 20 percent from same period last year.
Airbus plummeted 6.5 percent on concerns that the business could well see wholesale cancellations.
Oil & gas company BP Plc rose 0.9 percent and Royal Dutch Shell advanced 1.7 percent even as oil tumbled to its lowest since 2002.
Banking major Barclays tumbled 3.7 percent. The British lender said it aims to become a net zero bank by 2050.
Hammerson slumped 15 percent. The property development and investment company stated that Covid-19 will have a material impact on the Group in 2020. As a result, the Group has decided to suspend all previous guidance.
Johnson Matthey rallied 3.3 percent. The chemicals firm said it currently estimates an impact of around 50 million pounds on its trading performance from Covid-19.
Airline easyJet plunged 5.3 percent after grounding its entire fleet of aircraft due to the coronavirus pandemic. It is unclear when commercial flights would resume, the low-cost airline said.
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