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European stocks were trading around seven-week lows on Tuesday, as concerns about the spreading coronavirus continue to rattle markets.
After ending Monday with the biggest one-day drop in nearly four months, the Stoxx Europe 600 SXXP, +0.02% fell 0.01% to 414.03.
U.S. stock futures pointed to opening gains, however.
The death toll in China stood at least 106 people, authorities said on Tuesday, with more than 4,500 outbreaks in the world’s second-largest economy.
“The outbreak of the coronavirus ahead of the Chinese new year could act as a trigger to a broader sentiment shift which would only be accelerated by high valuations across the board,” said strategists at Unigestion, a Geneva-based fund manager.
Companies on the decline included luxury-goods maker Burberry BRBY, -2.98%, which fell 3.6%. Luxury-goods producers that rely on Asian sales to drive growth have struggled since the news of the coronavirus outbreak.
Of stocks in the spotlight, SAP SAP, -3.95% shares fell 2.3% as better-than-forecast earnings by the German software company were offset by cautious guidance.
Virgin Money U.K. VMUK, +3.38% shares rose 2% as the lender said there was improved sentiment in December, though it said the U.K. market is facing competitive pressure because of Brexit uncertainty.
A.G. Barr BAG, +13.24% shares jumped 12% as the maker of the Irn-Bru beverage said adjusted pretax profits will be at the top end of expectations.
