Last checked at 
* European shares down sharply
* STOXX 600 down 3.1%
* Fears of coronavirus pandemic grow
* Asian shares extend losses
Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters. You can share your thoughts with Thyagaraju Adinarayan
(thyagaraju.adinarayan@tr.com), Joice Alves (joice.alves@tr.com), Julien Ponthus
(julien.ponthus@tr.com) in London and Danilo Masoni (danilo.masoni@tr.com) in Milan.
WORST WEEK SINCE THE SOVEREIGN DEBT DEBACLE (1310 GMT)
Remember August 2011?
It was a time when we just didn't know whether the euro zone would make it through its
sovereign debt crisis.
Things got so bad that European market authorities had to intervene to ban short selling of
banks.
Well, in terms of market stress and as far as the STOXX 600 is concerned, we're nearly
there.
We're currently set for a weekly drop of 8.2% compared to a fall of 9.9% for the first week
of August 2011.
On a more positive note, at about 400 points, the STOXX is twice as high as it was at that
stage. On a more negative note we're now down 3% today and back to October levels.
(Julien Ponthus)
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"THE MOST IMPORTANT THING IS NOT TO PANIC" (1021 GMT)
That's the wise advice from Credit Suisse Global CIO Michael Strobaek, as world investors
wake up to the reality that the coronavirus outbreak is far from being a China-only problem.
A way to keep calm in the face of infections mounting fast in Europe and cases popping up in
America is to "sit on the sidelines" and diversify, he believes, while keeping in mind that
there could be a relief rally after peak outbreak.
"Reducing exposure now could mean missing out on the recovery later.... If markets correct
more meaningfully, we would see this as a chance to begin buying equities," he adds.
For now there is no hysteria but just "whiffs of panic" - as SentimenTrader puts it - and
some brave investors have already started to cautiously build positions in the falling markets.
(Danilo Masoni)
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OPENING SNAPSHOT: LOTS OF VIRUS LOSERS, FEW WINNERS (0839 GMT)
It's deep red in Europe at the open. Major indexes are down around 2% or more, all sectors
are losing ground and 96% of the STOXX is trading in negative territory.
Signs are growing that virus disruption is hurting corporate profits and top fallers are
companies that posted disappointing updates.
The world's largest beer maker AB InBev missed expectations and flagged a Q1 virus
impact, sending its shares down nearly 6% after , while advertising giant WPP is down
14% to the bottom of the STOXX after it missed profit expectations.
Online fashion retailer Zalando and industrial equipment company Aalberts
also fell after results.
Among the rare gainers, Qiagen is up 3% after announcing worldwide shipments of
virus test kits, while insurer RSA, which said the virus is not a major concern for its
business, is up 2%.
(Danilo Masoni)
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ON OUR RADAR: VIRUS DAMAGE TO PROFITS (0746 GMT)
European stock futures are down around 2% this morning on growing signs that the spreading
coronavirus epidemic is going to hurt corporate profits globally, sparing few sectors.
Bank Standard Chartered warned a key earnings target would take longer to meet as
the epidemic added to headwinds in China and Hong Kong and the world's largest beer maker AB
InBev forecast muted growth in 2020 due in part to the outbreak. Oil tanker Frontline
warned of a near term hit to results, and jet engine maker Safran said its
"high single digits" growth forecast hinged on disruption not extending beyond the end of March.
More signs of virus pain also for U.S. big tech and that could hurt suppliers here in
Europe. Reuters reported that travel restrictions in China have clouded Apple's
timeline for new iPhones, while its not yet clear if virus has affected production schedule.
Microsoft said it would miss its quarterly revenue forecast for its Windows and
personal computing business.
But the virus disruption also has some winners. Germany's Qiagen said it shipped a
newly developed test kit, which detects the novel coronavirus, to four hospitals in China for
evaluation. Its shares gained 4% in extended US trade, while London-listed BATM could
rise 10% at the open after announcing it has developed a new diagnostics kit for the virus. In
early Frankfurt trade breathing protection equipment maker Draegerwerk is up 1.5%.
Meantime, JP Morgan upgraded Wolters Kluwer saying that the information, software
and services provider offers a safe haven against virus uncertainty.
In M&A, eyes on Nokia Oyj after a Bloomberg report said the telecom network
equipment maker is exploring strategic options such as asset sales and mergers.
Other stock movers: NMC Health removes CEO amid investigation of UAE firm's finances (shares
seen down 20%); Aston Martin's losses deepen, CFO to leave Zalando to expand in luxury fashion,
offer second-hand range; Bayer targets 9.6% gain in 2020 adjusted EBITDA; Retailer Carrefour
raises cost savings goal as 2019 core profits rise; LafargeHolcim sees 3-5% sales growth in 2020
despite China slowdown; Walmart in talks with possible buyers for Asda stake
(Danilo Masoni)
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THE SELL-OFF ISN'T OVER (0630 GMT)
Yesterday's V-shaped rebound on European equity markets should not lead into error: the
coronavirus sell-off isn't over, as most new infections emerged outside China, raising the risks
of a global pandemic that could hurt economic growth and profits.
Premarket calls from spreadbetters are pointing to another difficult session with IG
expecting London's FTSE to open 168 points lower at 6,875, Frankfurt's DAX to open 315 points
lower at 12,459 and Paris' CAC to open 136 points lower at 5,549.
Eurostoxx 50 futures are down 2.8%, although still above the lowest point hit in
the previous session.
(Danilo Masoni)
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(Reporting by Danilo Masoni, Joice Alves, Julien Ponthus and Thyagaraju Adinarayan)
