European stocks strart week in red amid sharp drop in US oil prices

European stocks edged lower on Monday as global coronavirus developments and a sharp fall in U.S. oil prices were in focus.

The pan-European Stoxx 600 pared earlier gains to dip nearly 0.2% lower, with sectors and major bourses largely in negative territory. The U.K.’s FTSE 100 index was among the biggest regional losers, shedding 0.5%.

Looking at individual stocks, Philips rose toward the top of the European benchmark during morning deals. The Dutch health technology company said Monday that it expected to return to growth in the second half of the year. Shares were up almost 7% on the news.

At the other end of the index, Norway’s Mowi slumped to the bottom of the benchmark after it missed first-quarter earnings expectations and postponed its dividend. Shares slipped 8%.