Europe's stock volatility gauge hits record levels, beats 2008 highs

The volatility gauge for euro-zone stocks, widely known as 'Europe's fear index', surged on Monday to record highs, beating the levels it hit at the height of the 2008 financial crisis.

The benchmark reached a high of 87.89 points with European shares tumbling over 8% as the coronavirus pandemic raged through the continent and dramatic monetary easing by global central banks failed to reassure investors.