Europe sheds over 3% after US warns of growing coronavirus death toll

European stocks tumbled more than 3% on Wednesday, to snap the 2-day rally, on sell-off following the US warning of high numbers of deaths from the coronavirus pandemic. 

The Stoxx Europe 600 index lost 3.4% as of 11:35 GMT, after it closed higher by 1.7% yesterday, its second straight daily gain.

The Stoxx Europe index has lost over 23% during the first quarter of this year, to post its largest quarterly loss since 2002, on the coronavirus impact.

The index opened today's session lower, to head for its first daily loss in 3 days, with most European markets and sectors seeing red today.

The banking sector saw the largest losses in Europe today, as its stocks dropped more than 6%, followed by the travel and leisure sector.

Global stock markets witnessed large-scale sell-off after US President Donald Trump estimated that the US will suffer from higher deaths from the Covid-19 disease, adding that the US would face "very, very painful two weeks."

Trump stressed on Tuesday "this could be a hell of a bad two weeks, this is going to be a very bad two, and maybe three weeks like we’ve never seen before." 

Additionally, the Trump administration expects between 100,000 and 240,000 deaths amid the virus peak during the next week.

S&P 500 futures fell 3.5%, after the index closed lower by 1.6% yesterday at Wall Street, on the renewed sell-off.

Back to Europe, the Euro Stoxx 50 index lost 3.5%, France's CAC 40 tumbeld 3.9%, the German DAX fell 3.6%, and the UK's FTSE 100 dipped 3.4%.