European markets closed sharply lower on Tuesday as oil market volatility and the coronavirus outbreak remained in focus.
The pan-European Stoxx 600 closed down over 3% provisionally, driven lower by basic resources stocks, which cratered almost 6%. All sectors and major bourses finished below the flatline.
Oil markets have come into sharp focus after dramatic moves in prices Monday as the coronavirus dents demand and concerns over production storage grow.
West Texas Intermediate (WTI) crude futures for May delivery plunged below zero for the first time in history on Monday. The contract in question is set to expire on Tuesday, fueling Monday's wipeout.
U.S. oil futures' historic move below zero hit oil and gas stocks on Tuesday, with Neste, TechnipFMC and Sbm Offshore all slipping more than 6%.
Stocks on Wall Street were also lower as WTI prices weighed on investor sentiment.Â
Back in Europe, data released Tuesday morning showed that employment figures in the U.K. rose more slowly in March than in February — an early sign of the coronavirus' impact on the country's economy. Growth in the number of people employed fell to 0.8% in last month, from 1.1% in February.
The British pound fell against the dollar on the back of the data, while London's FTSE 100 index closed 3% lower.
Elsewhere, shares in SwissRe tumbled more than 10% to plunge toward the bottom of the Stoxx 600, while British cinema operator Cineworld, down over 9%, continued Monday's move downwards.
At the other end of the European benchmark, Dutch payments firm Adyen gained more than 9% to top the Stoxx 600 after posting a 34% surge in first-quarter revenue.