European equities and U.S. stock futures slide as coronavirus panic persists

Dow futures slump 600 points, Europe stocks slide nearly 4% in coronavirus panic

European equities and U.S. stock futures fell sharply on Friday, as investor panic over fallout from the coronavirus crisis continued unabated and investors flocked toward perceived safer assets such as government bonds.

The Japanese yen climbed by 0.5% against the dollar, while a sharp move into bonds overnight sent the yield on the 10-year Treasury TMUBMUSD10Y, 0.788% to a record low of 0.78%. “With no signs of the outbreak slowing down — the U.K., for example, saw its first COVID-19 death on Thursday — investors remain gripped with a near unshakable panic, the week’s various central bank rate cuts only serving to reinforce the seriousness of the situation,” said Connor Campbell, financial analyst with Spreadex, in a note to clients.

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