European shares slide on fears of second coronavirus wave

European shares tumbled on Monday as concerns of the second wave of coronavirus infections grew with Beijing reporting a record number of new cases, while underwhelming economic data from China also weighed on sentiment.

The pan-European STOXX 600 fell 2.4%, slipping further from its 5.7% fall last week, with the exporter-heavy German index leading declines. Global stock markets also began the week on a glum note as the recent outbreak in Beijing, which has been traced to a wholesale food market, revived fears of the economic damage from the health crisis.

Among stocks, BP slid 5% as it said it would incur an up to $17.5 billion writedown in the value of its assets after lowering its long-term oil and gas price outlook in expectation of an accelerated transition away from fossil fuels.