European stocks resume downward trend as virus spreads outside China

Europe's major stock markets sank again Thursday, ignoring rallies elsewhere, as investors focussed on the rapid spread of novel coronavirus outside China and more turbulence for airlines.

Asian equities had jumped following a surge on Wall Street, with confidence buoyed by global stimulus measures to mitigate the economic impact of COVID-19.

The dollar was lower against its main rivals after the Federal Reserve this week unexpectedly slashed US interest rates by half a percentage point, while the Japanese yen continued to benefit from its status as a haven in times of economic turmoil.

The number of coronavirus cases in the world rose to 95,781, including 3,284 deaths, across 84 countries and territories by 1000 GMT Thursday, according to a report compiled by AFP from official sources.

Since 1700 GMT Wednesday, 971 new contaminations and 39 new deaths were identified.

"Investors once again begin to worry about the spread of the coronavirus outside China," said analyst Chris Beauchamp at trading firm IG.

"The Western world is now following some of China's playbook, closing schools and declaring a state of emergency for example, but there is a sense here that this is too little, too late."