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Virus fears, earnings sap European shares

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Virus fears, earnings sap European shares

Virus fears, earnings sap European shares

European shares followed Asia lower on Thursday as fears mounted over the economic impact of the coronavirus outbreak.

Julian Satterthwaite reports.


Virus fears, earnings sap European shares

The coronavirus is making global share markets increasingly unwell.

Shares in Asia tumbled Thursday (January 30) as some markets reopened after the lunar new year holidays.

Taiwan was worst hit, with its tech-heavy index down almost 6%.

European benchmark indexes then duly followed Asia lower.

The regional Stoxx 600 fell around 1% in early trade.

That as banks start to crunch the numbers on the virus's economic impact.

Morgan Stanley says the epidemic could cut 0.3% off global GDP growth.

And that's only if it peaks before the end of the quarter.

Firms exposed to China were among those to take a hit Thursday.

Swatch Group shares fell as much as 4%.

It said it expects the virus to add to a sales slide in Hong Kong.

Earning reports didn't do much to help sentiment.

Shares in Shell were down over 4% early on after it said fourth quarter profits dropped by a half.

Telecom firm BT also sharply down after it warned of costs from limiting Huawei's role in building 5G networks.

There were some bright spots though.

Unilever, H&M and Volvo among firms to gain on stronger-than-expected earnings.

Attention also on the Bank of England.

Mark Carney making his last appearance as governor.

Analysts say the bank's decision on rates looks to be on a knife edge.

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