European markets were mixed on Monday as the coronavirus pandemic remained in focus for investors.
The pan-European Stoxx 600 was near the flatline by early afternoon, paring earlier losses. Banking stocks tumbled 3.2% to lead losses while chemicals added 2%.
Global markets continue to take stock of the evolving coronavirus pandemic. The virus has already infected more than 720,000 people worldwide and caused at least 34,000 deaths, according to data compiled by Johns Hopkins University.
U.S. President Donald Trump on Sunday extended the national social distancing guidelines to April 30, walking back his previous remarks that he wanted the country to reopen for business by Easter.
“Nothing would be worse than declaring victory before the victory has been won,” Trump said at an evening press briefing after suggesting that the coronavirus death rate would likely peak in two weeks.
Meanwhile in Europe, the number of deaths from coronavirus in Italy fell for the second consecutive day on Sunday. A national lockdown looks certain to continue beyond April 3.
In Asia Pacific, stocks were mixed Monday as investors continue to assess the economic impact of the global coronavirus pandemic. In Japan, the Nikkei 225 closed the Asian trading day down 1.57%, while mainland Chinese stocks led losses, with the Shenzhen composite and Shenzhen component both dropping more than 2%. Australia’s S&P/ASX 200 led gains among the region’s major markets as it surged 7%.
On the data front, euro zone business confidence saw its sharpest monthly decline on record during March, according to official figures from the European Commission published Monday. The EU’s Economic Sentiment Indicator fell from 103.4 in February to 94.5, the steepest decline since the index began in 1985.
In terms of individual share price action, U.K. property developer Hammerson plunged 18% while cinema chain Cineworld and British aerospace firm Meggitt both fell more than 14%.
At the top of the European blue chip index, Swedish medical technology company Getinge jumped 10.1%.
