European stocks slump after UK’s quarantine move on Spain

European shares fell earlier on Monday, weighed down by travel stocks after the U.K. placed a quarantine on travelers from Spain as the number of COVID-19 cases continue to surge.

The pan-European STOXX index lost 0.5% at 0718 GMT.

Meanwhile, travel and leisure shares plummeted by 3.2%, with the descent being led by UK-based airline and tour operators such as TUI AG, Easyjet Plc, and British Airways-owner IAG SA, which all fell between 8% and 13%.

In Spain, stocks fell by 1.2%, while the Irish stocks benchmark slipped by 1.4% after Ryanair expressed doubt if the airliner would turn an annual profit as the COVID-19 situation worsened.

However, Germany’s DAX saw gains with 2.9% coming from software group SAP SE after it announced plans to spin off and float Qualtrics, the U.S. specialist in measuring online customer sentiment.