European stock markets dived over five percent at the open Monday despite massive fresh central bank stimulus to prop up a global economy battered by the coronavirus outbreak.

A general view of Madrid Stock Exchange on March 13, 2020 in Madrid, Spain. (Photo: VCG)

Shortly after the start, Paris was down 5.9 percent, Frankfurt slumped 5.6 percent, London shed 5.3 percent, Milan lost 5.4 percent and Spain retreated 4.8 percent.