European stocks slump 3% on virus second wave fears

European stock markets nosedived Monday as investors fretted over mounting fears of a second coronavirus wave and tighter government restrictions to combat the killer disease, notably in Spain.

London's benchmark FTSE 100 index tumbled 3.3% in late morning deals.

In the midday eurozone trading, the Frankfurt and Paris indices each shed 3.0%.

Madrid reversed 3.5% and Milan dropped 3.3%.

Sentiment was hit also by a report that massive sums of allegedly dirty money have for years flowed through some of the world's largest banking institutions.

"Equity markets in Europe are suffering large losses as health concerns and lockdown fears are weighing on sentiment," said analyst David Madden at trading firm CMC Markets UK.

A million people in and around the Spanish capital were Monday under new "stay-at-home" orders for two weeks to contain another coronavirus surge.

It comes as the US death toll neared 200 000.

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