European stocks were slightly higher on Monday morning, as global coronavirus developments remained in focus, along with a sharp fall in U.S. oil prices.
The pan-European Stoxx 600 traded up around 0.5% during morning trade, with most sectors in positive territory. Healthcare and household goods stocks led the gains, both up more than 1.2%, while basic resources stocks slipped over 1.6%.
The move higher in Europe comes after their counterparts in Asia were mixed in Monday trade, as China cut its benchmark lending rate and U.S. crude futures for May plunged more than 19% to $14.77 a barrel.
Traders continue to fret over a slump in oil demand due to the coronavirus pandemic, with one analyst describing the situation stateside to CNBC as “quite dire.”
Coronavirus developments also remain in focus with more than 2.3 million infected worldwide and 165,000 deaths globally, according to data compiled by Johns Hopkins University.
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 over 5% 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 over 8%.
Stocks globally got a boost late last week after a report said patients with severe virus symptoms were quickly recovering after using remdesivir, a Gilead Sciences drug.
— CNBC’s Eustance Huang contributed reporting to this story.
European markets open slightly higher despite coronavirus and sharp drop in oil prices
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