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European equities haven’t had such a bad day since the aftermath of the Brexit vote more than three years ago, as increasing concerns over the economic impact of the coronavirus hurt travel and luxury sectors, and volatility spiked.
The Stoxx Europe 600 Index closed down 3,8 percent after falling as much as 4,2 percent in the sharpest drop since June 27, 2016, led by the travel, mining and auto sectors. Today’s move also wiped out the year-to-date gains for the Stoxx 600. The Euro Stoxx 50 Volatility Index surged as much as 49percent, the most since the so-called “Volmageddon” of February 2018 — when Wall Street was rocked by a surge in volatility and a sell-off in stocks.
Luxury companies tumbled on fears that the epidemic will hurt sales, with LVMH Moet Hennessy Louis Vuitton SE losing 4,7 percent and Roche Holding AG dropping 3,2 percent. — Bloomberg.
Online Reporter