Investors got no relief from virus worries on Wednesday (February 26).
That after hundreds of new cases were reported worldwide, and U.S. authorities said a pandemic was now inevitable.
After sharp falls for Asian stocks, European markets also tanked.
Benchmark indexes were all down over 1% in early trade, before recovering a little ground.
The regional Stoxx 600 approached a four-month low.
A slew of corporate warnings about the virus didn't help the mood.
Among the big names: Diageo says the outbreak will snip up to $260 million off profits this year.
Its shares fell as much as 3%.
Food group Danone also cut its sales forecast for the year, estimating the hit at over $100 million.
And miner Rio Tinto reported its best earnings since 2011, but warned that the coronavirus could make the next six months a challenge.
Luxury brand Hermes was one of the few to strike a positive note.
It said it saw signs of a return to normal trading in China.
Just four of its stores there are now shut, down from 15 earlier in the year.
But its shares still sank over 1%.
Investors, it seems, are focused on the negatives.
Wednesday morning saw traditional safe havens all rise.
Gold headed towards seven-year highs, with U.S. and German governments bonds also posting gains.