Borsa Italiana, owned by the London Stock Exchange Group, said it is “operating normally” and has “robust business continuity arrangements in place” to ensure that markets can continue to function. The exchange’s benchmark stock index closed down 11.2% on Monday.
A spokesperson for Italian eyewear conglomerate, Luxottica, which is headquartered in Milan and makes Ray-Ban and Oakley, said all its sites in the region are “up and running.” Similarly, sports retailer Esselunga, which has offices on the outskirts of Milan, said operations are running in “business as usual” mode.
Small business, tourism hit hard
The lockdown was announced after Italy recorded a spike of 1,247 coronavirus cases on Saturday, taking the number of cases in the country to 7,375, with 366 deaths — the highest number of fatalities outside mainland China, and the biggest outbreak in Europe. Since then, the number of cases has increased to 9,172, with 463 deaths.
Italy’s Finance and Economy Ministry said in a statement on Monday that core sectors of the economy and the public administration would remain open for business even in the restricted areas.
But constraints placed on bars and restaurants, which can only open during the day and must ensure that patrons remain three feet apart, will deal a blow to hundreds of small businesses.
“Milan’s hotels are empty, so the jobs are at risk,” hotel worker Alice Baldisserri, 38, told CNN.
— Emma Reynolds contributed reporting.