Record Fall in European Stock Exchanges

3 largest in Europe. 3 people were killed due to an outbreak of coronavirus in Italy. The Stoxx Europe 600 Index fell 3.7%, marking the biggest drop since the Brexit vote on 24 June 2016. The Italian FTSE MIB Index recorded its biggest fall since June 2016 with 4.8%. The stock exchanges of Germany, England and France are also trading with over 3% sales. Luxury consumer companies declined on concerns that the virus would affect sales. LVMH Moet Hennessy Louis Vuitton shares fell 7.2% and Roche Holding shares fell 2.9%. Travel and airlines also recorded the biggest declines. Shares in Air France-KLM fell 10%, EasyJet 13% and Ryanair Holdings 11%. Berenberg Goss Co. Ulrich Urbahn of the Research Unit said investors were in risk-averse mode due to the spread of coronavirus outside China, adding that "risks are now downward due to the strong performance in equities."