European futures slump 10% as oil prices crash

European futures tumbled 10% on Monday as the launch of a price war between Saudi Arabia and Russia sent oil prices crashing, adding to fears the world was sliding into recession on the back of the coronavirus epidemic.

Euro STOXX 50 futures were on course for their worst day on record, as oil prices fell more than 25% after Saudi Arabia slashed its official selling prices following Russia's refusal to agree on a further steep cut in oil output. FTSE futures tumbled 9.1%, while German DAX futures were off 9%.