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European stocks slump as China reports spate of new virus cases

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Good morning. * China has reported a big jump in new virus cases * Charlie Munger warns of 'wretched excess' * IEA has cut oil-demand view * DJIA futures -210 points, Europe stocks lower

U.S. stock futures ES00, -0.77% also fell sharply, suggesting the Dow Jones Industrial Average DJIA, +0.94% may reverse much of the 275-point gain that led to its seventh record close of 2020.

The French economy minister, Bruno Le Maire, estimated a 1 percentage point hit to the global economy this year. The International Energy Agency lowered its oil demand growth outlook to the lowest since 2011. The concerns canceled the Mobile World Congress in Barcelona, which could have drawn 100,000 to the Spanish city.

Rexel RXL, +9.76% shares rallied 10% as the French electrical supply distributor forecast adjusted operating profit growth between 2% and 5% for 2020, which was stronger than expected.

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