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COVID causing stock market carnage

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The COVID 19 outbreak and efforts to stop its spread have led to massive losses on global stock markets. Stock Image

The COVID 19 outbreak and efforts to stop its spread have led to massive losses on global stock markets. Stock Image

AFP via Getty Images

The COVID 19 outbreak and efforts to stop its spread have led to massive losses on global stock markets. Stock Image

There's been carnage on stock markets, with shares in airlines and hotels plunging after President Trump announced that the United States is closing its borders to visitors from most European countries until next month.

Shares in Aer Lingus owner IAG collapsed almost 12 per cent in early trading, while Ryanair sank 6.6 per cent.

Dalata, Ireland's biggest hotel operator that also has operations in the UK, tumbled almost nine per cent. Shares in French hotel operator Accor were nine per cent lower. In the US, Intercontinental Hotel shares were seven per cent lower ahead of the opening of markets there today.

The unprecedented move by the United States to seal its borders amid the Coronavirus outbreak is another hammer blow to the world economy as it grapples to contain the pandemic.

The move is even more drastic than that seen immediately after the 9/11 terror attacks in 2001. US airspace reopened to civilian traffic just three days after those events.

Kerryman