European stocks higher despite Italy coronavirus fears
European markets began a tentative recovery on Tuesday as investors look to capitalize on Monday’s sharp sell-off, which was triggered by widespread concerns over the spread of the coronavirus outside of China.
The pan-European Stoxx 600 climbed 0.4% in early trade, tech stocks adding 1% to lead gains as most sectors and major bourses advanced, while autos slid 0.4%.
Italy’s FTSE MIB began a mild recovery after sharp declines were seen yesterday on fears of the coronavirus outbreak in the north of the country. The death toll in Italy from the virus, known formally as COVID-19, climbed to seven on Monday.
.K. mall operator Hammerson gained 4.2% in early trade despite slashing its dividend by 46% following a drop in annual net rental income.
At the other end of the European benchmark, British aerospace company Meggitt saw its shares slide 5.1% after reporting earnings and warning of future constraints arising from Boeing’s 737 Max production halt and the coronavirus.