Europe tumbles again as travel stocks knocked down

This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEG250KZ_L.jpg

(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 () fell 1.7% by 0815 GMT, erasing all the gains for the week.

The travel & leisure index () 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:) 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:) 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.

Miners (), automakers (), oil& gas companies () and banking () sectors were trading in bear market.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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.

Add Comment