European markets opened significantly lower on Friday, ignoring all the stimulus pledges by governments this week, as the deadly Covid-19 pandemic continues to spread.

Britain’s FTSE 100 is plummeting more than three percent during early trading in London. Stock markets in Germany and France are down over two percent.

The market fall comes as EU leaders fail to come to an agreement over the economic response to the coronavirus pandemic. During a video conference summit on Thursday, the leaders of the 27-member bloc argued over how to pull their economies through the crisis, with Italy accusing other member states of having a timid response to the unprecedented economic shock.

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Employees in protective clothing perform tests for the corona virus at a laboratory in Berlin, Germany. © Reuters / Axel Schmidt
Germany’s Covid-19 cases jump by 5,700+ in a single day with death toll up by 55

The overall number of deaths in Europe due to coronavirus has exceeded 14,000 since the first recorded fatality in France on February 15. The majority of deaths have occurred in Italy, with 8,215. March 26 was the deadliest day so far in Europe, with 1,918 virus-related deaths recorded in 26 different European countries.

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