Stocks Slide, Europe Down As Much As 4%

Stock markets across Europe and the US are sharply lower in early Monday trade, with some European indices off as much as 4%. Spanish, Italian firms are underperforming, but all major bourses are lower by at least 3.1% at pixel time. Renewed fears over Coronavirus, stemming from a more infectious mutation in south-east England are largely responsible, leading to a closure of cross-border freight and travel between the UK and the rest of Europe.

Energy and financials are the poorest performers, with lower commodity prices not helping. Defensive healthcare and consumer staples are also lower, but are being partially shielded from losses.

US equity futures are following suit, prompting the e-mini S&P to shed over 80 points ahead of the opening bell. VIX futures have taken a decent move to the upside, rising to the best levels of the month and nearing 28 points. Markets have noted that Tesla's debut in the S&P500 today is not off to a good start - with the stock off by well over 5% pre-market.