[Europe Opening] WHO Pandemic Declaration and US Travel Ban from Europe 'Shock'... 5% Plunge

[Image source=Yonhap News]

[Asia Economy Reporter Lim Cheol-young] Major European stock markets are experiencing a broad decline in early trading due to a series of negative factors, including the World Health Organization (WHO) declaring a 'pandemic' and the United States' announcement of a travel ban on arrivals from Europe.

On the 12th (local time), the UK's FTSE 100 index plunged 5.29% in early trading to 5565.84.

Stock markets in France and Germany are also recording drops exceeding 5%. The French CAC 40 index fell 5.56% from the previous trading day to 4354.02, while the German DAX 30 index dropped 5.70% to 9843.86. Italy's FTSE MIB index is down 5.33%.

The pan-European Euro Stoxx 50 index also plunged 5.62% to 2742.35.

Earlier, on the 11th (local time), President Trump announced plans to strengthen entry restrictions on Europe, where the novel coronavirus infection (COVID-19) is spreading rapidly. President Trump stated, "All travel from Europe will be suspended for the next 30 days." He mentioned that the measure will take effect from midnight on the 13th. However, the UK is exempt from this measure. President Trump explained, "This is to prevent new (infection) cases from entering," adding, "Certain Americans who have undergone appropriate testing will be excluded."

Previously, the WHO declared COVID-19 a pandemic. WHO Director-General Tedros Adhanom Ghebreyesus said at a briefing on the 11th (local time) that COVID-19 is assessed as a pandemic, explaining, "The WHO has been continuously evaluating the COVID-19 outbreak and is concerned about the alarming levels of spread and severity, as well as the lack of adequate measures."

The pandemic declaration is an assessment that a new disease is spreading worldwide and does not have specific criteria. However, such an assessment can heighten global anxiety and may cause misunderstandings that each country's quarantine measures were inadequate, so the WHO has been cautious about using this term. The WHO previously declared pandemics during the 1968 Hong Kong flu and the 2009 novel influenza (H1N1) outbreaks.

Meanwhile, the Korean government has decided to apply special entry procedures from 0:00 on the 15th for travelers visiting or staying in certain European countries. The Central Disaster and Safety Countermeasure Headquarters (CDSCH) announced that "from 0:00 on the 15th, travelers coming to Korea from five countries?France, Germany, Spain, the UK, and the Netherlands?will be subject to enhanced quarantine procedures."

[Image source=Reuters Yonhap News]

This content was produced with the assistance of AI translation services.