The S&P 500 and the Dow Jones opened lower on Wall Street today as another round of sweeping emergency action from policymakers across the globe failed to convince panic-stricken stock markets that a global recession could be averted. 

Most European shares shed their earlier gains today as another dramatic round of monetary stimulus by the European Central Bank failed to stymie a month-long sell-off inequities due to the coronavirus outbreak.

Seeking to stem the past month's rout on markets and cap borrowing costs for Italy and other under-pressure governments, the European Central Bank will now pump more than €1 trillion of new funds into the financial system this year. 

But the pan-European STOXX 600 index fell as much as 1%, with analysts suggesting that losses were yet to find a floor.

While, the Paris CAC edged 0.1% higher, the Frankfurt DAX was down 0.6% in afternoon trade.

London's FTSE gained 0.5% after the Bank of England cut UK interest rates again today to 0.1%. 

Dublin's ISEQ index also reversed its earlier gains to stand 0.57% lower this lunchtime, with the banks shares seeing big losses.

European sectors ranging from basic resources to car parts and technology were all in the red. 

Energy stocks sank further after ending at their lowest in 24 years yesterday following recent  substantial weakness in oil prices. 

European shares have lost roughly a third of their value since the middle of February, and companies continued to put out statements today pointing to expected losses of business and steps to prop up their finances.

Regional travel and leisure companies fell another 4%, underperforming other sectors after Germany's Lufthansa became the latest to warn that the airline industry may not survive without state aid if the virus outbreak lasts for a long time. 

Earlier in Asian trade, Tokyo's Nikkei index closed 1% lower while the Hang Seng index in Hong Kong was down 2.6%.