European markets down 3.4% as US projects off charts coronavirus death toll

European markets traded lower Wednesday as global market sentiment continues to take a pummeling amid the coronavirus outbreak and warnings that it could could kill more than 100,000 and up to 240,000 Americans.

The pan-European Stoxx 600 fell 3.4% in early deals, with banks dropping 5% to lead losses as all sectors and major bourses slid into negative territory.

In terms of individual share price action in Europe, Swiss retailer Dufry, French corporate bank Natixis and Finnish tire manufacturer Nokian Renkaat all fell by more than 10% in early trade.