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

Published 24/02/2020, 09:28
© Reuters.  Milan stocks hit near 3-week low as virus pandemic fears knock Europe
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(For a live blog on European stocks, type LIVE/ in an Eikon

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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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