European markets set to plunge on oil price crash and coronavirus spread

European markets set to plunge on coronavirus spread and OPEC deal failure

. On Thursday, OPEC recommended additional production cuts of 1.5 million barrels per day starting in April but OPEC ally Russia rejected the additional cuts. With no deal in place when the current one expires at the end of the month, producers could soon pump as much oil as they want.. More than 106,000 people have now been infected by the virus and more than 3,600 have died globally, according to the latest figures from the World Health Organization. U.S.

Meanwhile, the number of confirmed cases in Germany jumped by more than 100 over the weekend and is now up to nearly 800. Italy remains the European country with the worst outbreak, with over 7,000 cases. The U.K. government is holding an emergency meeting Monday to discuss further measures to halt the spread of the virus.

On the data front, Germany releases monthly industrial output figures; there are no major earnings Monday.

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