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The pan-European Stoxx 600 closed down 1.8% provisionally, with all sectors in the red. Among the major bourses, France’s CAC was among the worst performers, slumping 2%.
Italy’s FTSE MIB also fell, extending sharp declines seen yesterday, on fears the coronavirus outbreak was spreading beyong the north of the country. The death toll in Italy from the virus, known formally as COVID-19, climbed to seven on Monday.
The World Health Organization (WHO) sent a mission to Italy Tuesday to “support Italian authorities in understanding the situation,” it said in a statement yesterday, citing concerns with the outbreak.
Italian Prime Minister Giuseppe Conte said on Tuesday that Italy is a “safe country for travel,” according to Reuters, as the number of cases in the country surpassed 280.
Meanwhile, on Tuesday afternoon, Switzerland confirmed its first case of the virus, and Austria reported its first two cases.
Stocks fell stateside amid a sharp drop in bond yields. The 10-year Treasury yield traded at 1.324% Monday, hitting an all-time low amid fears over the spread of the virus beyond China. Around the world, the number of confirmed coronavirus cases currently stands at more than 80,200, while the death total has climbed to 2,704.
On the data front, falling exports caused German economic activity to stagnate in the fourth quarter, according to detailed figures released on Tuesday. The Federal Statistics Office confirmed that the German economy grew by 0.6% in 2019, the weakest rate of expansion since the euro zone debt crisis in 2013.
In terms of individual stocks, Arkema shares rose 6.4% in afternoon trade, with Reuters citing the possibility of the French chemicals company reviewing its portfolio as U.S. activist hedge fund Elliott builds a stake.
British aerospace company Meggitt saw its shares slide 5.1% after warning of future constraints arising from Boeing’s 737 Max production halt and the coronavirus.