World Markets in Freefall After Trump Suspends Flights to Europe

World markets, including the Athens Stock Exchange, have plummeted after President Donald Trump announced that travel from more than two dozen European countries to United States will be suspended for 30 days due to the novel coronavirus outbreak.

During early trading in Athens the index fell by more than 9 percent.

In New York, Dow (INDU) futures have plunged more than 1,000 points, or 4.3 percent. S&P 500 (SPX) futures are down 4.1percent and Nasdaq (COMP) futures have dropped 4.2 percent.

Europe’s stock markets fell dramatically at their openings as well. London’s FTSE 100 (UKX) dropped 5 percent, Germany’s DAX (DAX) declined 5.4 percent and France’s CAC 40 shed 4.5 percent. Italy’s benchmark stock index, which has dropped 18% this week, fell another 5.9 percent.

The travel suspension by the US, which begins Friday at midnight, applies to countries in the Schengen Area, a zone without border controls which includes Italy, Germany, France, Spain and 22 other nations.

The United Kingdom is not included in the ban.