(Reuters) – European shares resumed their slide on Friday, with travel stocks bearing the brunt, on fears that the economic damage of the coronavirus outbreak will be much more severe than expected.
The pan-European STOXX 600 (STOXX) fell 1.7% by 0815 GMT, erasing all the gains for the week.
The travel & leisure index (SXTP) tumbled 2.7%, firmly in bear market territory – seen as a 20% drop from recent peak – as the outbreak wrecks havoc on travel demand.
European planemaker Airbus (PA:AIR) skidded 3.4% as it failed to win any new aircraft orders in February, another evidence of disruption across aviation industries due to the outbreak.
British cinema operator Cineworld (L:CINE) slumped 5.8% as its annual results missed analysts’ expectations, but said it had not observed any significant impact of the outbreak on its movie theater admissions.
Europe tumbles again as travel stocks knocked down
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.