European Shares Edge Higher On Covid-19 Vaccine Hopes

(RTTNews) – European stocks rose on Monday as encouraging developments around a coronavirus vaccine spurred bets of a faster economic revival globally.

The Oxford University and British pharmaceutical giant AstraZeneca announced that their vaccine for the novel coronavirus could be around 90 percent effective under one dosing regimen.

The FDA’s outside advisers are slated to meet on Dec. 10 to review Pfizer’s emergency-use application for its vaccine.

The pan European Stoxx 600 rose 0.7 percent to 392.13 after gaining half a percent on Friday.

The German DAX climbed 1.1 percent, France’s CAC 40 index gained 0.9 percent and the U.K.’s FTSE 100 was up 0.3 percent.

Aryzta shares jumped nearly 4 percent. Elliott Advisors (U.K.) Limited, in response to press speculation, has confirmed its offer to acquire the Swiss bakery business.

AstraZeneca shares fell nearly 2 percent in London.

McBride tumbled 3.3 percent. The maker of retailer own brand household goods said that its full year outlook on trading remains unchanged.

Media company Daily Mail and General Trust advanced 1.6 percent despite reporting a fall in earnings for the year ended 30 September 2020.

Aviva gained 1.8 percent. The insurance company has agreed to sell its entire 80 percent shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A., to its partner UBI Banca.

Vodafone rose over 1 percent. The telecommunications company said it will bring forward by ten years its original 2050 target to reach ‘net zero’ across its full carbon footprint.

French food company Danone edged down slightly. The company plans to cut up to 2,000 jobs in local and global headquarters with an aim to deliver 1 billion euros cost savings by 2023.

Lender Crédit Agricole rallied 3.5 percent after its Italian unit launched an offer to buy Italian bank Credito Valtellinese (Creval).

German utility RWE edged up slightly. The company has signed an agreement with Greencoat, a U.K.-based investment manager, to sell a 49 percent stake in the U.K. offshore wind farm Humber Gateway.

HelloFresh SE lost 3 percent. U.S. subsidiaries of the online meal-kit provider have entered into an agreement to acquire all outstanding equity interests of Factor75, Inc.

In economic releases, the Eurozone manufacturing purchasing managers index (PMI) fell to a three-month low level of 53.6 in November from 54.8 in October, according to the preliminary report from IHS/Markit Research. The Services PMI dropped to a six-month low level of 41.3.

An early “flash” reading of the IHS Markit/CIPS UK Composite Purchasing Managers’ Index (PMI) dropped to a five-month low of 47.4 in November from 52.1 in October.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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