The Latest: European markets sink as recession fears grow

The Latest: European markets sink as recession fears grow

SeattlePI.com

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LONDON (AP) — The Latest on action in the financial markets (all times local):

5 p.m.

European markets closed with heavy losses Wednesday on concerns that the coronavirus outbreak will cause even more lockdowns on businesses around the world and put large numbers of people out of work.

France's CAC 40 dropped 5.9% to 3,754.84, with shares in planemaker Airbus nosediving 22% on concerns that airlines struggling with the near-complete shutdown of air travel will slow down purchases. Britain's FTSE 100 fell 4.1% to 5,080.58 and Germany's DAX lost 5.6% to 8,441.71.

The British pound endured steep losses of 4.4% against the dollar to $1.1538, levels not seen since the mid-1980s, on speculation that the country might face a lockdown as severe as those seen in Italy and Spain.

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1:15 p.m.

President Trump says no decision has been made on the size of the checks the administration hopes to send Americans, although a figure of $1,000 has been frequently mentioned.

Trump told reporters that “everyone wants to go big” but that the size of the checks was still being worked out with Congress in talks to craft an aid package that could total $1 trillion.

A Treasury Department fact sheet first obtained by the Washington Post says the individual payments could come in two chunks: $250 billion starting April 6 with another $250 billion disbursed starting May 18.

The fact sheet says an additional $300 billion would be appropriated for a small business loan program. It could be used to support businesses, including restaurants and bars, that have suffered from government-ordered efforts to contain the coronavirus.

The stock market extended its losses as Trump and other members of an administration task force spoke about efforts...

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