European Stocks Head For Worst Week Since 2008 on Virus Woes

(Bloomberg) -- European equities sank on Friday and were poised for their worst week since the 2008 financial crisis as investors fretted about the potential hit to the global economy from the spreading coronavirus, while the travel and leisure sector came under renewed pressure as companies cautioned about the impact on their businesses.

The Stoxx 600 Index was down 3.2% in early trade. The travel and leisure sector slumped 5.3% as British Airways-owner IAG SA said that the coronavirus made it impossible to predict earnings this year, and EasyJet Plcsaid that it had seen a softening in demand and made plans to cancel flights.

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