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Business activity plummets, but markets rally on Fed support

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LONDON – Europe's economy could shrink by some 10% this year as efforts to contain the spread of the virus outbreak cause a collapse in commercial activity.

Yet markets were up sharply on Monday - extending weeks of stunning volatility - as investors digested the extent of the financial support provided by the Federal Reserve this week.

Here's a look at the latest developments as the coronavirus outbreak tears through the world economy. BUSINESS ACTIVITY: A closely watched measure of business activity in the 19-country eurozone has fallen at the sharpest pace since it began in 1998.

The Purchasing Managers' Index, a gauge of business executives' outlook on the economy, fell to 31.4 points in March from 51.6 in February as governments put

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