European stocks set for worst quarterly loss since 2002 on coronavirus panic

European stocks rose on Tuesday, to extend gains for the second straight day, following the release of upbeat Chinese manufacturing data, but still poised to the largest quarterly loss since 2002, due to concerns over the coronavirus pandemic.

The Stoxx Europe 600 index rose 0.5% as of 10:45 GMT, after it closed higher by 1.1% yesterday, after data showed a slowdown in the Italian infections and deaths of the coronavirus.

The index opened today's session higher, to extend its gains for the second straight day, with most European markets and sectors seeing green today.

The travel and leisure sector saw the largest gains in Europe today, as its stocks rose more than 4.5%, followed by the energy sector, as oil prices rebounded.

European stocks rebounded today after the release of upbeat Chinese industrial data, which showed China's quick recovery from the coronavirus impact.

China revealed that the manufacturing sector grew by 52 points in March, beating forecasts of 44.9, and also higher than February's reading of 35.7.

The Stoxx Europe index has lost over 24% during the first quarter of this year, to head for the largest quarterly loss since 2002, on the coronavirus impact.

The coronavirus infections rose to 794,000 cases worldwide, and its death toll rose to more than 38,000 victims.

S&P 500 futures fell 0.5%, after the index closed higher by 3.4% yesterday at Wall Street, following strong gains for the health care shares.

As for European stocks, the Euro Stoxx 50 index rose 0.7%, France's CAC 40 rose 0.5%, the German DAX added 0.8%, and the UK's FTSE 100 gained 1.1%.