Stocks sink as coronavirus fears outweigh recovery hopes

Global stock markets wavered on Monday as soaring COVID-19 cases offset investor hopes of a quick economic recovery, even after data showing that the Chinese economy rebounded faster-than-expected in the fourth quarter of 2020. European stocks as measured by the STOXX 600 index struggled for direction, last trading 0.1% higher as of 1446 GMT, after failed merger talks between French retailer Carrefour and Alimentation Couche-Tard pulled the gauge lower at the open. The continent’s 50 biggest stocks were down 0.2% [.EU] In Asia, Chinese blue chips gained 1.1% after the economy was reported to have grown 6.5% in the fourth quarter, on a year earlier, topping forecasts of 6.1%. Industrial production for December also beat estimates, although retail sales missed expectations.