Coronavirus fears push European stocks to 4-month trough

2020-02-26 12:58:02 GMT (Economies.com)
Coronavirus fears push European stocks to 4-month trough

European stocks fell on Wednesday, to deepen losses for the fifth straight session, hitting a 4-month low, as the sell-off continued after the coronavirus outbreak in most parts of the world escalated fears, especially after the US health centers warned from the virus spread in the country, which led most banks and international companies to issue warnings about their business results during the first quarter of 2020.

 

The Stoxx Europe 600 index was lower by 1.75% at 10:55 GMT, to hit its lowest level since Oct. 25, after it closed lower by 1.8% yesterday, posting its fourth straight daily loss.

 

The index opened today's session lower, to deepen it losses for the fifth straight day, hitting a 4-month low, with most of the major European exchanges and sectors falling today.

 

The travel and leisure sector saw the largest losses in Europe today, as its stocks plunged more than 3.5%, on growing expectations for a drop in the sector's companies due flights and traveling restrictions.

 

Fears over the coronavirus outbreak continued to cast a shadow on global markets, after news about the virus spread outside China, in countries such as South Korea, Italy and Iran, with new cases emerging in Japan and Germany.

 

A top US health official said that the coronavirus will likely cause a global pandemic, and the deputy director of the US Health Centers for Disease Control and Prevention told reporters "it's not a question if this will happen any more, but rather more of a question of when this will happen."

 

S&P 500 futures fell 1.5% today, to dive to a 3-month low, after the index closed lower by 3% yesterday at Wall Street, and posted its fourth straight daily loss.

 

Back to Europe, the Euro Stoxx 50 index lost 1.7%, France's CAC 40 fell by 1.6%, the German DAX shed 2.1%, and the UK's FTSE 100 fell by 1.1%.

 
 
 
  Symbol Last Change Chg.%
1.0809
-0.0326
2.9264%
1.2267
-0.0188
1.5090%
Tadawul
6752.19
2.50
0.04%
14.417
-0.029
0.201%
28.815
6.987
32.012%
34.94
5.00
16.70%
1620.000
-0.150
0.009%
 
 
US
 
Europe
 
Asia