Europe: Shares drop as manufacturing crash spells more pain

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[BENGALURU] European shares ended Wednesday lower amid increasingly dire economic readings due to the coronavirus, while bank stocks plummeted as several majors suspended dividend payments. Read more at The Business Times.

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Profit for companies listed on the Stoxx 600 is now expected to slide by a fifth in the second quarter, deepening a European corporate recession, while dividends paid by those firms are forecast to fall by about 40 per cent.

Travel and leisure stocks dropped 6.4 per cent, negating the prior session's gains as the sector still faced immense pressure from widespread movement restrictions due to the outbreak. "It would be naive to assume that the virus saga is already priced in," said Charalambos Pissouros, senior market analyst at JFD Group.A fall in stocks across the Atlantic also rattled investors, as the impact of the outbreak was reflected in a batch of poor economic readings from the world's largest economy.

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