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European markets plummeted on Wednesday amid reports that Germany and France are preparing new lockdown restrictions to curb a rapid resurgence in coronavirus cases across the continent.

The pan-European Stoxx 600 closed down by 3.1% provisionally, suffering its worst one-day drop since late September. Germany’s blue-chip DAX index led the sell-off, down 4.4%, while France’s CAC tumbled 3.7%. It comes after reports that both countries are set to announce fresh lockdown measures.

New Covid-19 cases, hospitalizations and deaths have continued to surge across Europe and the U.S. in recent days, prompting further restriction measures in many countries.

Reference: CNBC