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Milan stocks hit near 3-week low as virus pandemic fears knock Europe

Published 02/24/2020, 04:28 PM
Updated 02/24/2020, 04:32 PM
Milan stocks hit near 3-week low as virus pandemic fears knock Europe

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Feb 24 (Reuters) - A jump in number of coronavirus cases
outside China hit European shares on Monday, as investors feared
the outbreak will take a bigger toll on global growth than
anticipated.
The pan-European STOXX 600 .STOXX tumbled 2.5% by 0816
GMT, on pace for its biggest percentage loss since October, with
all the major regional indexes down over 2%. Milan shares .FTMIB tumbled 3.7% to its lowest in nearly
three weeks as Italy saw the biggest flare-up of coronavirus
cases in Europe, with three people dying of the illness since
Friday and more than 150 cases reported. Among the worst performers on the STOXX 600 were airline
stocks, with EasyJet EZL.L , Ryanair RYA.I , Air France
AIRF.PA and Lufthansa LHAG.DE down between 7% and 11%.
Europe's travel & leisure index .SXTP tumbled 4%.
Luxury goods makers, miners, automakers, technology and
banking shares all sensitive to global growth sentiment were
down more than 3%.
Primark-owner Associated British Foods ABF.L slid 3% as it
warned of potential supply shortages on some lines later in the
2019-20 financial year if delays in factory production in China
are prolonged due to coronavirus.
The focus now shifts to the release of Ifo institute's
business climate index for February, expected to inch lower to
95.3 points from 95.9 points in January.

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