European markets rebound as investors monitor vaccine, recovery prospects

European stocks rebounded from early losses on Wednesday as cautiously positive global market sentiment returned.

The pan-European Stoxx 600 recovered to trade 0.2% higher by lunchtime. Utilities climbed 1.2% to lead gains while insurance stocks fell 1.2%.

European markets are attuned to the latest coronavirus developments Wednesday with efforts to develop a vaccine and the prospects for economic recovery in focus. It comes as many countries tentatively ease lockdown measures.

Corporate earnings releases were a key driver of individual share price action on Wednesday morning.

Experian stock climbed 8.5% in early trade after its full-year results, which also revealed that top executives would take a 25% salary cut to help whether the coronavirus crisis.

Marks & Spencer shares surged 9.3% to lead the Stoxx 600 after it unveiled a £1 billion ($1.22 billion) coronavirus action plan. The British high-end supermarket also said it would be ready to reopen clothing spaces in stores once the U.K. government gives the go-ahead.

Britain’s Rolls-Royce rebounded from early losses to gain 1.3%. The company announced Wednesday that it would cut at least 9,000 jobs from its global staff of 52,000 to adapt to the smaller aviation market expected in the wake of the coronavirus pandemic. Rolls-Royce supplies engines to large airplane manufacturers such as Boeing and Airbus.

At the other end of the European blue chip index, German events manager CTS Eventim and British software company Micro Focus each fell more than 7%.