Europe: Pandemic fears pummel stocks into correction territory

Thursday's sell-off saw more than 97 per cent of the pan-European Stoxx 600 index's constituents trading red, with basic resources stocks among the worst performers as commodity prices plunged amid fears of sustained disruptions in the global supply chain.

London-listed miner Evraz Plc was the worst performing stock in the sector after it posted weak 2019 earnings. Standard Chartered fell 3.5 per cent after the bank said a key earnings target would take longer to meet as the epidemic adds to headwinds in China and Hong Kong. The broader bank sector was also pressured by a drop in bond yields.

Advertising major WPP tumbled 16 per cent, marking its worst day since August 1992, after saying it would target flat organic growth and profit margins in 2020. The stock was the worst performer on the Stoxx 600.

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