European stocks traded sharply lower in early action Monday, after the U.S. Senate failed to advance a motion to provide stimulus to counter the economic effort of shutdowns.
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The U.S. Senate, shorthanded as one senator tested positive for coronavirus and others quarantined themselves,
Germany meanwhile may authorize more than 365 billion euros in new debt, according to reports, as Chancellor Angela Merkel was quarantined after coming into a contact with a virus-carrying doctor. The U.K. after markets closed on Friday rolled out a program that would guarantee most of the pay of workers kept on the payroll.
There have been , confirmed coronavirus cases globally, with 23, 823 deaths and nearly , recoveries . Italy has had the most fatalities at 5, 476, according to the Johns Hopkins tracker of official government data.
European companies announced cost-cutting moves in response.
fell 2% as it said it’s halting its buyback program as it announced cuts to operational and capital spending to boost its free cash flow by up to $ 9 billion before tax. Another major European oil company, Total FP, 4. % , declined 3% as it said it’s halting its stock buyback plan as it cuts costs.