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Milan shares hit their lowest level in 3 weeks

UNITED STATES (OBSERVATORY NEWS) — European stocks tumbled on Monday by a jump in the number of cases of the Coronavirus outside China, as investors feared the outbreak would do more harm than expected to global growth.

The pan-European STOXX 600 index fell 2.5 percent by 0816 GMT, heading towards the largest percentage loss since October, with all major indicators in Europe retreating by more than 2 percent.

Milan shares tumbled 3.7 percent to their lowest level in nearly three weeks, as Italy recorded the largest increase in cases of Corona virus infection in Europe, with the death of three infected people since Friday and the announcement of more than 150 cases.

Airline stocks were among the worst-performing stocks on the Stoxx 600 index, with EasyJet, Ryanair, Air France and Lufthansa down by seven to 11 percent. The European travel and entertainment index fell 4 percent.

The shares of luxury goods manufacturers, mining companies, the auto industry, technology and banks, all of which are deeply affected by sentiment towards global growth, fell more than three percent.

Associated British Foods owner of Prime Mark declined 3 percent as the company warned of a possible shortfall in supplies of some products later in the 2019-2020 fiscal year if production delays in factories in China were prolonged due to the Corona virus.

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