China virus fears jolt European stocks to 3-week trough

Economies.com
2020-01-27 12:29PM UTC

European stocks fell on Monday to the three-week lows, to deepen losses after taking a pause on Friday, as fears of an outbreak of the new Coronavirus in China spooked investors, as its death toll increases alongside the number of infected victims.

 

Stoxx Europe 600 fell 2.1% as of 11:55 GMT, to the lowest level since January 6, after it closed higher by 0.9% on Friday, to post its first daily gain in 5 days, following the release of better than expected economic data in Europe.

 

During the past week, the index lost 0.1%, to post its first weekly loss in three weeks, on investors' risk aversion.

 

The index opened today's session lower, to dive to its 3-week low, as most of the major European exchanges and sectors fell today.

 

The mining sector saw the largest losses in Europe today, dropping by more than 3.5%, on concerns about the Chinese economy (the world's largest consumer of metals.)

 

China revealed today that the coronavirus has infected more than 2,800 cases, and its death toll rose to 81, and the number of critical cases rose to 461.

 

Other countries in Asia and abroad also have confirmed cases, including the US, France, Australia and Canada, which mounted fears about a potential global pandemic.

 

S&P 500 futures fell 1.8% today, to the lowest since Jan. 8, after it closed lower by 0.9% on Friday at Wall Street, on fears around China virus.

 

Back to Europe, the Euro Stoxx 50 index fell 2.2%, Germany's DAX lost 2.3%, France's CAC 40 fell by 2.2%, and In London, the FTSE 100 index fell by 2.25%. 

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