EU stocks plunge again as coronavirus spreads further
European markets continued their sell-off Wednesday with the coronavirus outbreak continuing to weigh on global investor sentiment.
Earnings remained a key driver of individual price action, with a host of European companies reporting on Wednesday.
Groupe PSA beat full-year revenue estimates and reported a 13.2% rise in annual net profit. The Peugeot maker also raised its dividend despite warning that it expects a 3% decline in the European auto market this year. PSA shares hovered just above the flatline in early trade.
Biomerieux shares fell 9.6% to the bottom of the Stoxx 600 after disappointing full-year results, while ISS fell 7.8% after after issuing more conservative 2020 guidance amid the coronavirus outbreak and a recent malware attack.
At the top of the European benchmark, Weir Group jumped 5.7% despite swinging to a 2019 pre-tax loss on the back of an impairment charge. ASM International shares also added 5% after KBC Securities raised the stock to a “buy” from a “hold” and raised its target price.
