The pan-European Stoxx 600 reversed early losses to finish around 0.3% higher. Major bourses were pointing in different directions, while telecoms stocks added 2.7% and the leisure sector slid 1%.
Global markets were closely tracking coronavirus developments after some countries have reported a resurgence in cases. In Asia, where the coronavirus first hit, several countries including China and South Korea have experienced an uptick in cases after restrictions were eased. Germany has also seen the reproduction rate of the virus tick upward.
Public health experts — including those at the World Health Organization — have for weeks warned authorities against lifting containment measures too early, which could cause a rebound in new coronavirus cases.
Stocks on Wall Street were mixed during early trade on Tuesday, as investors evaluated various states’ efforts to reopen their economies.
Elsewhere, China’s producer price index for April declined 3.1% year-on-year, as compared to a 2.6% fall expected in a Reuters poll.
ProSiebenSat.1 shares jumped more than 13% after U.S. private equity house KKR built on its stake in the German media conglomerate.
At the other end of the European benchmark, Thyssenkrupp shares plunged more than 15% after the German industrial group offered a gloomy outlook for 2020.
British property developer Land Securities fell 12.7% after revealing a big annual loss as coronavirus shutdowns cause tenants to default on rent payments.