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Jan. 28, 2020, 5:54 a.m. EST

European stocks trade around seven-week lows as coronavirus fears continue

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By Steve Goldstein, MarketWatch

European stocks were trading around seven-week lows on Tuesday, as concerns about the spreading coronavirus continue to rattle markets.

After ending Monday with the biggest one-day drop in nearly four months, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.10%  fell 0.01% to 414.03.

U.S. stock futures pointed to opening gains, however.

The death toll in China stood at least 106 people, authorities said on Tuesday, with more than 4,500 outbreaks in the world’s second-largest economy.

“The outbreak of the coronavirus ahead of the Chinese new year could act as a trigger to a broader sentiment shift which would only be accelerated by high valuations across the board,” said strategists at Unigestion, a Geneva-based fund manager.

Companies on the decline included luxury-goods maker Burberry /zigman2/quotes/205386705/delayed UK:BRBY +0.75% , which fell 3.6%. Luxury-goods producers that rely on Asian sales to drive growth have struggled since the news of the coronavirus outbreak.

Of stocks in the spotlight, SAP /zigman2/quotes/203458330/delayed DE:SAP -1.64% shares fell 2.3% as better-than-forecast earnings by the German software company were offset by cautious guidance.

Virgin Money U.K. /zigman2/quotes/207233909/delayed UK:VMUK +0.67% shares rose 2% as the lender said there was improved sentiment in December, though it said the U.K. market is facing competitive pressure because of Brexit uncertainty.

A.G. Barr /zigman2/quotes/206898740/delayed UK:BAG +0.45% shares jumped 12% as the maker of the Irn-Bru beverage said adjusted pretax profits will be at the top end of expectations.

/zigman2/quotes/210599654/delayed
XX : STOXX
355.51
-0.34 -0.10%
Volume: 0.00
Sept. 25, 2020 11:03p
loading...
/zigman2/quotes/205386705/delayed
UK : U.K.: London
1,544.50 p
+11.50 +0.75%
Volume: 764,946
Sept. 25, 2020 4:35p
P/E Ratio
52.62
Dividend Yield
0.73%
Market Cap
£6.19 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203458330/delayed
DE : Germany: Frankfurt
129.68
-2.16 -1.64%
Volume: 3,786
Sept. 25, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€256,047
loading...
/zigman2/quotes/207233909/delayed
UK : U.K.: London
£ 71.84
+0.48 +0.67%
Volume: 2.24M
Sept. 25, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£1.03 billion
Rev. per Employee
£220,757
loading...
/zigman2/quotes/206898740/delayed
UK : U.K.: London
446.00 p
+2.00 +0.45%
Volume: 325,460
Sept. 25, 2020 4:35p
P/E Ratio
23.93
Dividend Yield
0.90%
Market Cap
£493.60 million
Rev. per Employee
N/A
loading...

Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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