We have seen a significant amount of position reduction [this week],” Union Asset Management Holding AG head of investment strategy Philipp Brugger said. Germany’s BASF SE was among the biggest percentage losers in the chemical subindex after it warned that earnings could drop further this year. Insurer Munich Re Group was among the worst performers for the day after its fourth-quarter profit dropped. French publisher Lagardere SCA bottomed out the STOXX 600 after reporting lower revenue for last year. The WHO warned that the virus had pandemic potential and ratings agency Moody’s Investors Service said that it would trigger a global recession in the first half of this year.

Source: Taipei Times February 29, 2020 15:56 UTC