European markets tumble on coronavirus

2020-10-28 22:06:05      View:

European markets fell sharply on Wednesday as the rapid spread of the coronavirus continues across the continent, while U.S. election uncertainty compounds risk-off sentiment.

The pan-European Stoxx 600 dropped 2.8% by afternoon trading, having earlier hit its lowest point since June, with autos shedding 4.6% to lead losses as all sectors and major bourses slid into negative territory.

New Covid-19 cases, hospitalizations and deaths have continued to surge across Europe and the U.S. in recent days, prompting further restriction measures in many countries. Reports have suggested that France could be heading for a national lockdown in a bid to contain the resurgent outbreak.

Mainland China also reported its highest number of daily new cases for more than two months on Wednesday, while the U.S. is seeing record cases and hospitalizations in parts of the Midwest.

Asia-Pacific markets were mixed in overnight trade as investors monitored the virus, while U.S. stock futures are pointing to a lower open on Wall Street later in the day.