Europe stocks dip amid coronavirus concerns

European stock markets dipped on Monday amid ongoing concerns related to the outbreak of the coronavirus in China.

The pan-European Stoxx 600 traded by 0.3 percent lower in early deals, with travel and leisure stocks falling 0.7 percent to lead losses as most sectors and major bourses dropped into negative territory.

Stock markets in Asia also inched down on Monday as investors studied the economic impact of China’s coronavirus epidemic.

China’s National Health Commission announced on Monday that the death toll from the outbreak had now hit 908 in mainland China, with 97 fatalities reported on Sunday. The total number of confirmed infections across China had reached 40,171, authorities added.

The country released its January inflation data, with its producer price index rising 0.1 percent and consumer prices increasing 5.4 percent year-on-year. Consumer prices soared at their fastest pace since October 2011, according to Reuters.

Back in Europe, German newspaper Handelsblatt announced on Sunday that German carmaker Daimler intended to cut up to 15,000 jobs as it intensified cost-cutting measures.

In addition, extreme weather conditions caused by Storm Ciara led to the cancellation of hundreds of flights, railway services, and sports matches across the UK and northern Europe on Sunday. Energy companies said hundreds of thousands of British homes lost power during the storm, according to BBC.

Source: CNBC