European stocks set to fall sharply as China virus fears intensify

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European stocks are set to tumble at Monday's open as fears over the economic fallout from the Chinese coronavirus outbreak intensify.

surged as investors sought shelter from the potential economic impact, with the specter of the SARS crisis of 2003 hanging over markets.

Most Asian markets remain closed on Monday for the Lunar New Year, but Japan's Nikkei 225 was down by around 1.83%. Back in Europe, Italy's right-wing Lega party has failed in its bid to oust the center-left Democratic Party from its northern stronghold of Emilia-Romagna, falling short in a closely-watched regional election on Sunday.

In corporate news, Reuters reported on Monday, citing sources, that the Swiss Financial Market Supervisory Authority is looking into the role of the Credit Suisse board in the lender's recent spying scandal.

 

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