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European shares slump as coronavirus fears worsen

Published 01/27/2020, 03:25 AM
Updated 01/27/2020, 03:31 AM
European shares slump as coronavirus fears worsen

(Reuters) - European shares dropped sharply in early trading on Monday as growing concerns over the potential economic damage from a fast-spreading coronavirus sapped demand for riskier assets.

Death toll from the outbreak in China rose to 81 and the virus spread to more than 10 countries including France, Japan and the United States. Some health experts questioned whether China can contain the epidemic.

The pan-European STOXX 600 (STOXX) declined 1.5% by 0808 GMT after hitting a record high in the previous session.

Shares of mining firms (SXPP) slumped 3.1%, dragged down by their exposure to China, and fell the most among all the major European subsectors that were trading in the red.

France's CAC (FCHI) lagged regional bourses as luxury goods makers such as LVMH (PA:LVMH), Hermes (PA:HRMS) and Gucci owner Kering (PA:PRTP), which are heavily reliant on Chinese demand, fell between 2% and 3%.

Latest comments

It will affect the food industry and tourism heavily... and many other industries indirectly !
What does the virus have to do with anything? 80 dead? Probably more pedestrians killed in a city during one day. It's a joke this whole panic.
Entire provience is on a lock down.. hundreds of millions of people cancelled travel plans.. fears of geeting infected in billions of people mind.. do the calculation of economic impact on businesses.. people spend most of the savings on holiday period..
i dont know why even this news is effecting market
Gold is going up stock is going down strange things are happening. Gold can not prevent people from this virus this is all game not a virus. What oil have to do with virus its also going down seems to me that gold is going to prevent every one from virus
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