Tourists wear protective masks outside the Colosseum in Rome on Jan. 31, 2020, amid reports that the new coronavirus outbreak had spread to the Italian capital. As of Feb. 28, Italy had reported 400 cases of the virus and 12 deaths.
Europe's stock markets have plunged in recent days, with its largest economies (Germany, France, the United Kingdom, Italy and Spain) now all reporting upticks in cases of COVID-19, the coronavirus that emerged from China in recent weeks. Stocks in European industries reliant on Chinese supplies, such as in the technology sector, have suffered some of the sharpest losses, along with airline and credit card companies, due to the expected reduction of economic activity in Europe. But with the size and scope of the contagion expected to grow for at least several more weeks, these stock market dips may just be the tip of the iceberg as disruptions to Europe's supply chains, domestic consumption and tourism sector — and potentially even border crossings — begin to more acutely affect the bloc's already slowing economy.
