(RTTNews) – European stocks were in the red on Friday, with miners, automakers and travel-related businesses roaming the decline, at expectations that the spread of the coronavirus will inflict far greater financial damage than previously anticipated.
Cases have climbed in Italy, France, Greece and Iran, while a cruise ship has been detained off the coast of California to test passengers with symptoms of the disease.
To date, 97,852 infections have been confirmed worldwide and more than 3,300 people have been killed by the virus.
The pan-European Stoxx 600 was down 2.6% to 371.06 after losing 1.4% in the previous session.
The German DAX fell 2.5%, the French CAC 40 index fell 2.9% and the UK FTSE 100 lost 2.4%.
Anglo-American miners, Antofagasta and Glencore fell 2 to 3%.
Daimler car manufacturers. Renault, Peugeot and Volkswagen fell 3 to 5%.
Travel-related stocks also fell. German airline Deutsche Lufthansa fell 2.5%, cruise ship Carnival fell 4.6%, and British Airways’ parent company IAG lost 4.1%.
Lufthansa has announced that it has canceled 7,100 European flights for March.
Aviva fell 2.4%. The company has announced its agreement to sell all of its interest in its Indonesian joint venture, PT Astra Aviva Life, to its joint venture partner, PT Astra International Tbk. The agreement will mark Aviva’s exit from the country.
Cinema operator Cineworld plunged 5% after posting disappointing annual results.
The European aircraft manufacturer Airbus lost 5% after declaring that it had not won any orders for new aircraft in February.
The ophthalmic company EssilorLuxottica SA fell 2.7% after posting a stable profit for its 2019 financial year.
The French energy company Total SA fell by 2.1% and BP Plc lost 2.3%, oil continuing its descent since the lowest close for more than two years, while Russia would fear to subscribe to the reduction production of 1.5 million barrels per day proposed Thursday by the Organization of the Petroleum Exporting Countries.
In economic news, orders from German factories increased more than expected in January, driven by increased demand in aeronautics and mechanics, revealed data from Destatis.
Factory orders increased 5.5% on a monthly basis, reversing a 2.1% decline in December. Orders are expected to grow moderately by 1.2%.
UK house prices rose 0.3% month-on-month in February, slightly slower than the 0.4% increase seen in January but faster than the expected 0.2% increase, according to Lloyds Bank subsidiary data, Halifax and IHS Markit.
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