European shares closed higher Tuesday, after some positive Chinese manufacturing data, but completed their worst quarter since 2002 due to the coronavirus crisis and fears of an immediate recession in the region.
The pan-European Stoxx 600 closed up 1.5% at 320.06 , paring earlier gains, with travel and leisure stocks adding 4.9% while banks fell 0.1%.
For the trading quarter, the index posted its worst three months since 2002, down 23.1%, which is its worst first quarter ever. Spain's IBEX fell 30% during the period, Italy's FTSE MIB lost 28%, and German and British blue-chips both lost around 25%.
On Tuesday, European stocks reacted positively to data out overnight showing that China's official manufacturing Purchasing Managers' Index (PMI) for March came in better than some analysts expected.
Source : CNBC