Europe midday: Stocks stage slight bounce, coronavirus in focus
Stocks on the Continent are putting in a modest bounce albeit amid continued wariness on the part of traders in the face of the new Coronavirus in China.
"The fact there isn’t much bargain hunting or short covering going on this morning suggests that dealers are still fearful the health crisis is likely to get worse before it gets better."
Reports overnight indicated that the death toll from the new China virus had hit 106 people even as the country's authorities fight to contain it within Hubei province and the logistical hub of Wuhan and as researchers around the world rush to find an antidote.
As of 1258 GMT, the benchmark Stoxx 600 was 0.34% higher to 415.45, alongside a gain of 0.30% to 13,243.12 for the German Dax and a rise of 1.43% to 23,749.38 on the FTSE Mibtel.
In parallel, front month Brent crude oil futures had erased early losses and were up by 0.3% to $59.47 a barrel on the ICE.
Citing sources from within the cartel itself, Reuters reported that the Organisation of Petroleum Exporting Countries wanted to extend its oil output cuts until at least June, with bigger curbs possible if China's economy were significantly impacted the nCoV Coronavirus.
By sectors, the best-performing areas of the market were precisely those hardest hit during the previous session's drubbing, such as Basic Resources, Travel&Leisure and Autos&Parts.
Airbus was higher on news that the planemaker had decided to settle with French, British and American authorities in a probe into alleged bribery and corruption.
Renault shares meanwhile had recovering from early weakness, after reports that its board may be set to select the head of Volkswagen's Seat unit as its next chief.
Shares of Dutch health technology outfit Philips were trading lower after it posted a lower-than-expected fourth quarter increase in sales of 3.3% (consensus: 5.2%).
Philips also announced the possible sale of its kitchen appliance unit.
No major economic reports were scheduled for release in Europe on Tuesday.