Squawk Box Europe Express

The worst moves since March... The Dow Jones falls by almost 7 per cent, breaking a three-week winning streak. The broad market sell-off means all the major U.S. averages suffer their worst performance in three months. The losses are led by the energy and technology sectors, with the biggest five tech names losing a collective $270bn in market value in just one day. The huge reversals have been prompted by a resurgence in U.S. Covid-19 cases amid a second spike. The IMF has estimated that global governments have already spent $10tn in fighting the pandemic. But, U.S. Treasury Secretary Steven Mnuchin tells this channel that the damage from a second economic shutdown is unthinkable. And following the death of George Floyd, President Trump is set to sign an executive order to invest more in law enforcement and improve policing standards, while Apple pledges $100mn to improve racial justice.