Coronavirus Outbreak Sends European Stock Markets Into Tailspin

On Monday, US stocks posted their biggest downturn since October 2019 due to fears of the economic impacts of the new SARS-related virus that recently emerged in central China.

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European stock markets’ early gains stumbled on Friday after London confirmed the first two cases of the coronavirus in the UK.

Modest gains in the health care and media sectors were followed by the pan-European Stoxx 600 index slipping 0.1% below the flatline and utilities stocks falling 0.8% to lead losses.

Stock of Spain's Banco de Sabadell banking group plummeted  10.7% after it reported a surprise fourth-quarter net loss, while British broker Hargreaves Lansdown and Electrolux stock shrank 7% and 3.5%, respectively, amid warnings of potential cost hikes due to the coronavirus outbreak.