European markets traded lower Wednesday morning as optimism over an imminent recovery from the coronavirus started to fade.
The pan-European Stoxx 600 fell 1% in early trade, with oil and gas stocks shedding 2.7% to lead losses, while the tech sector bucked the trend to edge 0.3% higher.
Global markets continue to seesaw on hopes and fears over the direction that the coronavirus pandemic is taking. There was optimism that the virus could begin to slow its spread, but an end to the outbreak appears to be some way off.
On Tuesday, U.S. President Donald Trump blamed the World Health Organization for getting “every aspect” of the coronavirus pandemic wrong and threatened to withhold funding from the international organization.
Meanwhile, Trump defended his weeks spent publicly downplaying the severity of the coronavirus, even after it arrived in the U.S., despite dire warnings from global health officials and his own trade adviser, by characterizing himself as a “cheerleader.”