European luxury stocks slumped across the board on Tuesday on fears that the cor...
The death toll from the coronavirus outbreak rose to six on Tuesday and nearly 300 people were diagnosed, almost all of them in China.The timing could hardly be worse, with hundreds of millions of people preparing to travel for the Lunar New Year, stoking concerns infection rates may accelerate during the week-long holiday that is also a peak retail season in China and overseas.
Before the virus scare, the sector as a whole had been trading at about 24 times 2021 earnings estimates, representing an 80% premium to the wider STOXX 600 index, according to a note by broker Equita.
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