European stocks retreat as coronavirus resurgence weighs on sentiment

European stocks slumped on Tuesday as new spike in coronavirus cases started to weigh on global market sentiment.

The pan-European Stoxx 600 dropped 1.1% by early afternoon, with tech stocks shedding 3.1% to lead losses while telecoms bucked the trend to add 1.2%.

In terms of individual share price action, British homebuilder Meggitt and German software company Nemetschek both fell by more than 6% in afternoon trade, while Swedish technology trading group Addtech added 5%.

The German DAX DAX, -1.12%, French CAC 40 PX1, -1.36% and U.K. FTSE 100 UKX, -0.10% also slipped.

European technology stocks, including software maker SAP SAP, -3.25% and computer device maker Logitech International LOGN, -3.75%, lost ground.