Europe consolidates above 3-week low with China virus in focus

European stocks opened slightly higher on Tuesday, to hold above the three-week low hit yesterday, within recovery attempts from the worst single-day loss in four months, but sentiment are still very fragile amid focus on developments in the coronavirus outbreak in China and multiple countries.

The pan Stoxx Europe 600 index was up 0.2% at 11:50 GMT, after it closed lower by 2.3% yesterday, at its three-week low, on sell-off due to mounting fears about the spread of the coronavirus in China.

Yesterday's loss is the largest in the past four months, estimated at about €180 billion in market value, on investors' growing concerns about news from China.

The index opened today's session lower, within recovery attempts from its 3-week low, as most of the major European exchanges and sectors edged up today.

The telecom sector saw the largest gain in Europe today, rising more than 0.8%, as most telecom stocks recovered in Europe.

The Chinese health authorities confirmed on today's morning that 106 people had died from the coronavirus, and infected cases rose to 4,515.

S&P 500 futures rose 0.5% today, after the index closed lower by 1.6% yesterday at Wall Street, on fears around China virus outbreak.

Back to Europe, the Euro Stoxx 50 index rose 0.2%, the German DAX rose 0.1%, France's CAC 40 added by 0.3%, and the UK's FTSE 100 rose by 0.25%.