European shares slip amid China virus concerns

European shares slip amid China virus concerns

European shares slipped on Tuesday over rising concerns over a new coronavirus in China raised demand for safe-haven assets.

The outbreak has brought back memories of the economic fallout from the SARS crisis in 2003 that killed nearly 800 people.

The STOXX 600 fell 0.8% with all major sectors in negative territory.

Among major bourses, the FTSE led losers, followed by CAC and DAX.

Shares of luxury goods makers, which have large exposure to China including LVMH, Kering, Hermes and Burberry, were among the biggest laggards, Reuters reported.

Meanwhile, bank stocks fell nearly a percent as Switzerland's largest bank UBS Group AG slashed its profitability targets.

Elsewhere, Asian markets finished lower with the Hang Seng down 2.70%, China's Shanghai Composite off 1.41%, and Japan's Nikkei 225 lower by 0.91%.

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