European markets turn negative despite German-Franco proposal for recovery

European stocks turned red on Tuesday morning, halting the positive trend set at the start of the week as hopes rise for a coronavirus vaccine.

The pan-European Stoxx 600 reversed earlier progress to slide 0.4% below the flatline, with construction stocks falling 1.4 percent to lead losses while the travel and leisure sector held onto 0.6 percent gains.

European stocks closed sharply higher Monday as investor confidence rose with lockdown restrictions around the world being lifted. A big boost for global markets has also come with hope of a potential coronavirus vaccine after a positive development from a Moderna trial.