Europe: Stocks back in red as virus spread feeds recession fears

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Europe: Stocks back in red as coronavirus spread feeds recession fears

Travel and leisure stocks continued to underperform their peers as more countries closed their borders and limited domestic movement.

Greece joined France and Spain in announcing a nationwide lockdown, while Italy banned even domestic travel as the number of fatalities there topped 6,000. German shares shrugged off a 750 billion euro stimulus package from Berlin, closing about 2 per cent lower as major car makers face a dual hurdle of production curbs and flatlining demand.

Nestle SA, the largest stock on the Stoxx 600, dropped 6 per cent for the day as its chief executive told employees to prepare for a"coronavirus storm", an internal memo showed.

 

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