The DAX graph of the German stock price index is illustrated on the Frankfurt Stock Exchange in Germany on February 5, 2020. REUTERS / Staff
(Reuters) – European stocks resumed their slide on Friday, with travel stocks paying the price, fearing that the economic damage from the coronavirus epidemic would be much more serious than expected.
The pan-European STOXX 600 fell 1.7% at 8.15 GMT, wiping out all of the week’s gains.
The .SXTP travel and leisure index fell 2.7%, firmly in bearish territory – seen as a 20% drop from the recent peak – as the epidemic wreaks havoc on travel demand.
European aircraft manufacturer Airbus (AIR.PA) slipped 3.4% as it won no new aircraft orders in February, further evidence of disruption in the aviation industries due to the epidemic.
British film operator Cineworld (CINE.L) fell 5.8%, its annual results did not meet analysts’ expectations, but said it had seen no significant impact of the epidemic on its admissions to cinemas.
.SXPP miners, .SXAP automakers, .SXEP oil and gas companies and .SX7P banking sectors were trading in the bear market.
Sruthi Shankar’s reports to Bengaluru; Editing by Sriraj Kalluvila