European shares hit a record high close on Monday as a rally in Italian banks and fresh attempts by China to limit the economic impact of the coronavirus outbreak lifted investor spirits.

Despite a US holiday dulling market activity, the pan-European Stoxx 600 index rose 0.3 per cent, with trade-sensitive German stocks hitting all-time highs as Beijing stepped up stimulus measures.

Adding to the upbeat mood, Italy's fifth-biggest bank UBI Banca jumped 5.5 per cent after saying it aimed to nearly double net profit in the next three years, sending a broader index of Italian banks up 1.8 per cent.

Oil prices inched up on Monday as concerns over the economic fallout from the coronavirus outbreak in China were offset by expectations that potential production cuts from major producers could tighten global crude supply.

Britain will not accept supervision from the European Union as part of a free trade deal after Brexit, its chief negotiator said on Monday.

Singapore shares dip 0.2% ahead of Budget 2020. Singapore's Straits Times Index (STI) opened flat but trended down as the session went on, eventually finishing 7.03 points or 0.2 per cent lower at 3,213.00.

Agriline, the investment vehicle owned by a trust of which Trendlines' controlling shareholder Vincent Tchenguiz is a discretionary beneficiary, plans to make a US$5 million investment into seven of Trendlines' portfolio companies.

Aerospace component maker JEP Holdings said on Monday that its wholly-owned unit JEP Industrades has entered into a settlement agreement with Korea-domiciled plaintiff YG-1 Co on Feb 11.

TALKMED on Monday posted a fourth-quarter net profit of S$10.9 million, up 18.9 per cent from the same period a year earlier on a higher number of patient visits.

China Everbright Water has recently secured an effluent upgrading project for the Jiangsu Suzhou Wuzhong Chengnan Waste Water Treatment Plant, it said on Monday. China Everbright Water will invest around 109 million yuan (S$21.7 million) in the project, which will operate under a Build-Operate-Transfer model.

Banyan Tree Hotels & Resorts will introduce the hospitality group’s first property in the Bahamas under a partnership with Island Developers.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR