Reuters- A slump in Turkey's lira and worries about further prolonged lockdowns in Germany pushed European stocks lower on Monday (March 22), with banks and travel shares taking the biggest hit.
The pan-European STOXX 600 fell 0.5% by 0806 GMT, down for the second straight session after hitting a one-year peak last week.
The global mood soured as the Turkish lira dropped to a record low after President Tayyip Erdogan replaced a hawkish central bank governor with a critic of high interest rates over the weekend.
The German DAX was down 0.5% in early trading, while France's CAC 40 fell 0.9% and UK's FTSE 100 dropped 0.8%.
Frankfurt analyst Robert Halver of Baader bank pleaded with Germany's political leaders to "urgently" present "a plan, a clear vision."
Halver accused policymakers of imposing lockdown after lockdown while "buyers, sellers, consumers and entrepreneurs no longer know what to do," he said. "They have to be shown the carrot so they know they have to walk."
Germany is set to extend a lockdown to contain the COVID-19 pandemic into its fifth month, according to a draft proposal, after infection rates exceeded the level at which authorities say hospitals will be overstretched.
The recommendation is contained in a draft, seen by Reuters, prepared by Chancellor Angela Merkel's office ahead of Monday's videoconference of regional and national leaders to decide on the next round of measures to deal with the pandemic.
At 11:25 a.m. (1030) GMT, Germany's DAX was at 14,640 points, up 20 points or 0.15%.
