(Reuters) - European stock markets headed lower on Friday, erasing meagre gains for the week, as more companies flagged a hit to business from the coronavirus pandemic, foreshadowing a deeper earnings recession ahead of the reporting season. The pan-European STOXX 600 index fell 0.5%, with insurers tumbling 3% after a European Union regulator asked them to suspend dividends and share buybacks to shore up liquidity, as a halt in business activity crushes consumer demand and sparks mass layoffs. "We are entering a climate with lower or no dividends, fewer financial options, but most importantly, fewer jobs and lower output," said Stephen Innes, a strategist at AxiCorp. "Many small- and large-sized businesses will not survive this storm." H&M, the world's second-biggest clothing retailer, reported a 46% plunge in March sales and said it expected a loss in its fiscal second quarter.

Source: International New York Times April 03, 2020 08:37 UTC