European stocks plumb 2-month low on coronavirus concerns

European stocks fell on Tuesday, to deepen losses for the fourth straight session at two-month low, as the sell-off continued after the coronavirus outbreak in northern Italy escalated fears over the virus spread in Europe.

The Stoxx Europe 600 index was lower by 0.5% at 11:55 GMT, to hit its lowest level since Dec. 12, after it closed lower by 3.8% yesterday, posting its third straight daily loss.

The pan European index suffered yesterday the largest loss since the UK voted to exit the European Union in June 2016.

Stoxx Europe 600 opened today's session lower, to deepen it losses for the fourth straight day, hitting a 2-month low, with most of the major European exchanges and sectors falling today.

The automotive sector saw the largest losses in Europe today, dropping more than 1.5%, followed by the banking sector's drop by 1.4%.

Italy's FTSE Index fell 0.8%, as fears mounted around Europe's third largest economy, after the coronavirus rapid spread in the north of the country.

The Italian health authorities revealed today 152 confirmed cases of coronavirus, and the virus death toll rose to 7 victims.

This led the Italian government to lockdown 12 northern cities, with Milan and Venice at the center quarantine zone, which account for about 30% of the Italian GDP.

The World Health Organization yesterday has sent a mission to Italy to support authorities and stressed concern about the rapid spread of the virus.

S&P 500 futures fell 0.5% today, after the index closed lower by 3.3% yesterday at Wall Street, and posted its third straight daily loss.

Back to Europe, the Euro Stoxx 50 index lost 0.6%, France's CAC 40 fell by 0.6%, the German DAX shed 0.5%, and the UK's FTSE 100 fell by 0.7%.