European markets tanked on Monday as global investors brace for the the spread of the coronavirus and oil prices fall after the collapse of OPEC talks. The pan-European Stoxx 600 dropped 6% at the start of trading, oil and gas and basic resource stocks plummeting 7.4% to lead losses as all sectors and major bourses entered negative territory. Energy giant BP plunged 24% in early trade as oil stocks took a hammering. Britain's Tullow Oil fell 57%. British industrial rental company Ashtead Group fell 32%, investment house Schroders tumbled 30% and a host of stocks across the European benchmark shed more than 20% as markets descended into turmoil.
