European shares dip as coronavirus fears intensify

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Global stocks

The European shares fell for the second straight session on Monday, as fears about the economic hit from the coronavirus pandemic intensified with several nations extending near-total lockdowns to curtail the spread of the flu-like disease.

The pan-European STOXX 600 index was down 0.8% at 0714 GMT, with energy, industrials and travel and leisure stocks leading declines. The banking sector tumbled another 2.5%, bringing its monthly losses to more than 28%, with UniCredit, ING and ABN Amro among the first set of lenders to comply with the ECB’s appeal to freeze dividends in a bid to shore up credit.

In fresh signs of the business impact from the outbreak, Swiss engineering group ABB fell 5.7% after issuing a profit warning and saying all of its businesses would suffer in the first quarter. 

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