European markets advance despite coronavirus and oil price fears

European markets traded higher on Wednesday, apparently defying widespread concerns over the coronavirus outbreak and a slump in oil prices.

The pan-European Stoxx 600 climbed 1 perecent in early trade, tech stocks adding 1.9 perecent to lead gains, while the retail sector bucked the upward trend to edge 0.2 perecent lower.

At the other end of the European benchmark, French conglomerate Kering fell 6.5 perecent after reporting a sharp downturn in first-quarter sales on Tuesday.