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European shares dip as virus fears intensify

European shares dip as virus fears intensify

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February March 26, 2020. REUTERS/Staff (Reuters) – 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

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February March 26, 2020. REUTERS/Staff

(Reuters) – 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 .SXEP, industrials .SXNP and travel and leisure .SXTP stocks leading declines.

The banking sector .SX7P tumbled another 2.5%, bringing its monthly losses to more than 28%, with UniCredit (CRDI.MI), ING (INGA.AS) and ABN Amro (ABNd.AS) 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 (ABBN.S) fell 5.7% after issuing a profit warning and saying all of its businesses would suffer in the first quarter.

Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta

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