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March 5, 2020, 5:05 a.m. EST

Norwegian Air shares among the decliners as European equities and U.S. stock futures drop

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By Barbara Kollmeyer, MarketWatch


Getty Images
Norwegian Air Boeing 737 Max 8 Aircraft seen at the Kraków John Paul II International Airport.

European stocks and U.S. stock futures fell on Thursday, with coronavirus concerns simmering away for investors on the heels of a strong bounce for equities.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP -1.20%  fell 0.7% to 383.66, after rallying around 1.4% to 386.30. The index has been rising for three straight sessions. The German DAX 30 index /zigman2/quotes/210597999/delayed DX:DAX -0.71%  fell 0.8%, after a 1.2% gain on Wednesday, to mark its biggest rise since early February, the same as the Stoxx Europe 600. The French CAC 40 index /zigman2/quotes/210597958/delayed FR:PX1 -1.58%  fell 0.9% and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -1.55%  slid 1.2%.

Those gains came as U.S. stocks rallied, which many attributed to the news that former Vice President Joe Biden has emerged as the front-runner of the Democratic Party’s presidential race. But U.S. stock futures fell sharply into the red on Thursday, threatening to give up a chunk of those gains. Dow Jones Industrial Average /zigman2/quotes/210407078/delayed YM00 +0.06% , S&P 500 /zigman2/quotes/209948968/delayed ES00 +0.07%  and Nasdaq-100 futures /zigman2/quotes/210219788/delayed NQ00 +0.12%  were all down by more than 1%.

The International Monetary Fund announced a $50 billion aid package on Wednesday to fight the coronavirus, in a week that has seen interest rate cuts from the Federal Reserve and Australian and Canadian central banks. But the IMF also warned of a more severe global slowdown from the virus than previously estimated, tapping into worries that have persistently dogged stock markets and investor sentiment.

That is as the coronavirus spread continued outside of China, and countries have been forced to adopt increasingly severe containment measures, with Italy closing schools until mid-March. California has declared a state of emergency after announcing its first death due to the virus.

On the corporate front, the virus was blamed in part for the collapse of struggling U.K. regional airline Flybe, which has gone into bankruptcy. Airlines have been struggling to cope with a drop in passenger traffic, with United /zigman2/quotes/205037281/composite UAL +1.03%  announcing Wednesday that it would cut flights and ask workers to take unpaid leave.

Shares of Norwegian Air Shuttle /zigman2/quotes/204014691/delayed NO:NAS -5.23%  slid 5% after the airline scrapped its profit guidance and said it would cut flights. Shares of Air France-KLM /zigman2/quotes/205396176/delayed FR:AF -5.78%  dropped over 3%, though cut-rate airlines easyJet /zigman2/quotes/202825892/delayed UK:EZJ -6.55%  and Ryanair Holdings /zigman2/quotes/205429530/delayed IE:RY4C -3.18%  rose modestly.

Airbus /zigman2/quotes/208224336/delayed FR:AIR -1.62%  shares fell over 2%. The multinational aerospace group may reduce output of its A330neo after Air Asia X said it would defer deliveries amid a slump in travel due to the coronavirus, Bloomberg reports, citing people familiar with the matter.

On the upside, shares of Hugo Boss /zigman2/quotes/206695930/delayed DE:BOSA -3.81%  on Thursday reported a drop in net profit for the fourth quarter of 2019. The company warned that the coronavirus will hurt its performance in 2020, especially in the first quarter, but that the situation would gradually normalize by the middle of this year.

/zigman2/quotes/210599654/delayed
XX : STOXX
368.07
-4.46 -1.20%
Volume: 0.00
Aug. 14, 2020 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,901.34
-92.37 -0.71%
Volume: 54,988
Aug. 14, 2020 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
4,962.93
-79.45 -1.58%
Volume: 66,383
Aug. 14, 2020 6:05p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
5,769.12
-90.54 -1.55%
Volume: 0.00
Aug. 14, 2020 4:59p
loading...
/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 27,809.00
+17.00 +0.06%
Volume: 149,271
Aug. 14, 2020 3:59p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 3,363.75
+2.35 +0.07%
Volume: 1.05M
Aug. 14, 2020 3:59p
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/zigman2/quotes/210219788/delayed
US : U.S.: CME
$ 11,147.25
+13.50 +0.12%
Volume: 389,897
Aug. 14, 2020 3:59p
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/zigman2/quotes/205037281/composite
US : U.S.: Nasdaq
$ 36.18
+0.37 +1.03%
Volume: 28.38M
Aug. 14, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$10.53 billion
Rev. per Employee
$448,946
loading...
/zigman2/quotes/204014691/delayed
NO : Norway: Oslo
kr 1.25
-0.07 -5.23%
Volume: 40.52M
Aug. 14, 2020 4:25p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
kr4.54 billion
Rev. per Employee
kr4.95M
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/zigman2/quotes/205396176/delayed
FR : France: Euronext Paris
3.82
-0.23 -5.78%
Volume: 6.16M
Aug. 14, 2020 5:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€1.63 billion
Rev. per Employee
€328,953
loading...
/zigman2/quotes/202825892/delayed
UK : U.K.: London
570.80 p
-40.00 -6.55%
Volume: 4.29M
Aug. 14, 2020 4:35p
P/E Ratio
9.39
Dividend Yield
7.69%
Market Cap
£2.59 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205429530/delayed
IE : Ireland: Dublin
11.73
-0.39 -3.18%
Volume: 1.80M
Aug. 14, 2020 4:32p
P/E Ratio
66.65
Dividend Yield
N/A
Market Cap
€12.79 billion
Rev. per Employee
€530,769
loading...
/zigman2/quotes/208224336/delayed
FR : France: Euronext Paris
72.11
-1.19 -1.62%
Volume: 1.48M
Aug. 14, 2020 5:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€56.51 billion
Rev. per Employee
€476,596
loading...
/zigman2/quotes/206695930/delayed
DE : Germany: Frankfurt
4.54
-0.18 -3.81%
Volume: 110.00
Aug. 14, 2020 8:59p
P/E Ratio
N/A
Dividend Yield
0.12%
Market Cap
€1.62 billion
Rev. per Employee
€190,396
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Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer.

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