German DAX futures point to 4% opening drop, tracking sharp fall for U.S. stock futures

European stock futures pointed to sharp opening losses on Monday, tracking a steep fall for U.S. stock futures, as investors reeled from a weekend of grim coronavirus news. As death and infection rates climbed outside of China, news that a U.S. Senate vote on a coronavirus rescue package failed to gain sufficient traction was a notable disappointment. Futures for the German DAX index pointed to a 4% drop at the start of trading, while FTSE 100 futures indicated a 4.6% drop. Dow futures pointed to a 621-point drop at the start of Wall Street trading later, with S&P 500 and Nasdaq-100 futures down 3% and 2.5%, respectively. St. Louis Federal Reserve President James Bullard told Bloomberg News on Sunday that the U.S. unemployment rate could hit 30% in the coming months. More than 300,000 people globally have been infected by the coronavirus and death tolls climbed over the weekend, notably in hard-hit Spain and Italy. And German Chancellor Angela Merkel is reportedly in isolation after coming in contact with a doctor was diagnosed with coronavirus.