Europe: Stocks hit by worst selloff in almost two months on new virus strain fears

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[BENGALURU] European shares fell on Monday in their worst session in almost two months as the rapid spread of a new strain of the coronavirus forced more stringent curbs in Britain and travel bans from several countries. Read more at The Business Times.

"Markets are reeling from the latest twist in the coronavirus crisis which has clouded the outlook for the remainder of 2020 and much of the first quarter of 2021," said AJ Bell investment director Russ Mould.

Travel and leisure stocks had their worst day in three months, with British Airways owner IAG, Trainline and travel company TUI down between 1 per cent and 10.5 per cent. Cruise operator Carnival Corp shed 5.6 per cent. Shell was further weighed down by a US$3.5 billion to US$4.5 billion writedown in the value of oil and gas assets.

Uncertainty over Brexit trade deal negotiations added to pressure on the market. With less than two weeks before Britain leaves the European Union's orbit, neither side has budged far enough for a breakthrough.

 

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