European stocks fluctuated on Monday morning as investors digested the rising coronavirus death toll.
The pan-European Stoxx 600 edged 0.2% lower having bounced either side of the flatline throughout the first hour of trading. Oil and gas stocks slid 1.2% to lead losses while chemicals added 0.3%.
Global markets are reacting to the news that the coronavirus has now killed more than 500,000 people around the world, according to data compiled by Johns Hopkins University. The number of confirmed infections has now exceeded 10 million.
The U.S. accounts for more than 20% of all reported deaths caused by Covid-19, more than any other country in the world, according to the data, followed by Brazil, the U.K., Italy and France. However, country-to-country comparisons of the death toll are difficult due to differences in reporting methods.
Shares in Asia Pacific fell Monday on the back of the data, as well as a decline in oil prices, which fell for a second straight session on Monday following data showing an increase in coronavirus cases, which has led to the reimposition of localized lockdowns in some countries that could dent demand for oil.
There are no major earnings in Europe Monday. On the data front, an indicator of euro zone economic sentiment for June is released at 10 a.m. London time.
Biggest movers
Wirecard shares rallied more than 188% in early trade as the German payments company vowed to continue business activities after filing for insolvency. This represented only a small real share price increase to 3.69 euros per share ($4.15), following the stock's recent plunge, on the back of the $2.1 billion discovered to be missing from its balance sheet. Austrian chipmaker AMS gained 5.9%.
At the bottom of the Stoxx 600, cruise operator Carnival slid 4.7%.
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June 29, 2020 at 03:20PM
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European markets head for negative open as coronavirus death toll weighs on sentiment - CNBC
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