European stocks closed lower on Wednesday as investors reacted to falling oil prices, efforts to lift lockdown measures and fresh economic data.
European markets
The pan-European Stoxx 600 closed down by around 0.4% provisionally, with oil and gas stocks leading the losses. The sector was down by about 3.5%.
Crude oil prices turned negative on Wednesday, snapping a five-day winning streak as concerns of an oversupplied market outweighed optimism over economies reopening.
Investors are also closely following developments in Europe and the U.S. as both have started to lift lockdown measures and will have to see what impact that has on the coronavirus outbreak.
U.S. President Donald Trump on Tuesday acknowledged that reopening parts of the nation's economy now, against the advice of many health experts, would inevitably cost some Americans their lives. But he argued that the benefits outweighed the costs.
On Wall Street, equities showed a more mixed picture, with the Dow Jones Industrial Average flat while the other main indexes were positive.
Data released Wednesday showed that euro zone business activity collapsed to record lows last month, almost grinding to a halt on the back of government-enforced lockdowns to stem the spread of the coronavirus.Â
IHS Markit's final composite PMI (purchasing managers' index) reading plummeted to 13.6 in April from March's already dismal 29.7, with anything over 50 representing a contraction in economic activity.
On the corporate earnings front, BMW on Wednesday posted a 133% rise in first-quarter operating profit, owing to the absence of a one-off provision in the same period of last year, but cautioned that the coronavirus could hit demand and profit this year.
Biggest movers
Earnings continued to drive individual share price action. Dialog Semiconductor stock climbed almost 14% after the British chipmaker beat first-quarter profit expectations and offered a strong outlook for 2020, while Virgin Money gained over 4% after reporting a stronger-than-expected capital position.
At the other end of the European benchmark, British property development firm Hammerson fell over 14% after terminating a retail park sales agreement.
Sweden's Lundin Energy tumbled by 11% after Norwegian oil competitor Equinor sold its 4.88% stake in the company.Â