DAX & CAC Tumble As China Virus Fears Mount



German stocks fell sharply on Monday amid rising fears over the spreading coronavirus and its impact on the global economy.


Death toll from the outbreak in China rose to 81 while the virus spread to more than 10 countries including Australia, France, the Republic of Korea, Japan and the United States.


China's National Health Commission on Sunday said the new coronavirus is contagious even in its incubation period, which lasts up to 14 days, and that the virus' ability to spread is getting stronger.


Political events also remained on investors radar after Matteo Salvini attempt to trigger a crisis for Italy's coalition government by seizing control of the left wing region of Emilia-Romagna failed.


The benchmark DAX was down 193 points, or 1.42 percent, at 13,385 after climbing 1.4 percent on Friday.


Fuchs Group shares declined 2.6 percent. The company, which operates globally in the lubricants industry, said that it completed the acquisition of Nye Lubricants Inc., a manufacturer of synthetic lubricants.


Airline Lufthansa lost 4.7 percent while trade-sensitive automakers BMW, Daimler and Volkswagen dropped 1-2 percent.



CAC 40 Down 93 Points Amid Virus Fears


French stocks tumbled on Monday as concerns over the spread of a virus outbreak in China and its potential economic impact sapped demand for riskier assets.


Death toll from the outbreak in China rose to 81 while the virus spread to more than 10 countries including Australia, France, the Republic of Korea, Japan and the United States.


China's National Health Commission on Sunday said the new coronavirus is contagious even in its incubation period, which lasts up to 14 days, and that the virus' ability to spread is getting stronger.


Political events also remained on investors radar after Matteo Salvini's attempt to trigger a crisis for Italy's coalition government by seizing control of the left wing region of Emilia-Romagna failed.


The benchmark CAC 40 was down 93 points, or 1.55 percent, at 5,930 after ending 0.9 percent higher on Friday.


Luxury goods makers were among the worst hit, with LVMH down 3.5 percent and Gucci owner Kering falling 3.2 percent on concerns over a slowdown in Chinese demand.


Trade-sensitive automakers Renault and Peugeot fell 2 percent and 1.4 percent, respectively.




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