European Stocks Drop on Pandemic’s Third Wave Concerns

European stocks recorded its biggest losses year to data on Tuesday, falling from new record highs recorded earlier in the session, amid concerns about the rising number of Coronavirus cases.

STOXX Europe 600 plunged by 1.9% in the pan-European index’s biggest daily decline since the beginning of the year.

The banking and travel sectors led the losses, falling by about 3.7% each.

Meanwhile, the UK’s FTSE100 and the French CAC40 indices dropped by 2% and 2.09%, respectively, while the German DAX finished lower by 1.55%.

A negative start to the session in Wall Street accelerated the decline of European stock markets amid worsened sentiment.