European stocks opened higher on Wednesday as investors monitor the spread of the new coronavirus and fresh economic data.

The pan-European Stoxx 600 climbed 0.5% at 431.61 at the start of the trading session, with basic resources adding 1.2% to lead gains as all sectors except utilities entered positive territory.

China’s National Health Commission said that as of Tuesday night, a total of 74,185 cases of the new coronavirus had been confirmed in the country and 2,004 people have died. A slight slowing of the rate of new cases has lifted investor sentiment, while markets are also monitoring China’s attempted return to production following a prolonged shutdown which has sparked fears over global supply chains.

Source : CNBC