Europe: Stocks shed US$1.5t as virus fears spur week-long selling frenzy

[BENGALURU] European shares ended the week down roughly US$1.5 trillion in their worst weekly performance since the 2008 financial crisis as the rapid spread of coronavirus outside China saw sustained selling on fears of a recession.

The pan-regional STOXX 600 index fell 3.5 per cent on Friday, deepening its slide into correction territory with a 13.2 per cent plunge from a record high hit on Wednesday last week.

"The move today, and the week-over-week move is driven by systematic, self-enforcing flows. We have seen a significant amount of position reduction (this week)," said Philipp Brugger, head of investment strategy at Union Investment.