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European markets gain on coronavirus vaccine hopes – CNBC


Nov 23, 2020

LONDON — European stocks climbed on Monday morning as hopes rise that effective coronavirus vaccines will start to be rolled out soon.

The pan-European Stoxx 600 gained 0.9% in early trade, oil and gas stocks bouncing 2.5% to lead gains as almost all sectors and major bourses entered positive territory.

European markets are tracking their counterparts in Asia and the U.S. higher Monday.

Hopes are raised that several coronavirus vaccines, found to be highly effective in late-stage clinical trials, could start to be rolled out in the U.S. in December. Pfizer and BioNTech on Friday applied for an emergency use authorization from the U.S. Food and Drug Administration for their coronavirus vaccine.

British pharmaceutical giant AstraZeneca on Monday said an interim analysis of clinical trials showed its coronavirus vaccine has an average efficacy of 70% in protecting against the virus.

Stocks in Asia-Pacific rose in Monday trade as investors continue to watch for coronavirus developments. South Korea is set to impose stricter distancing regulations for the greater Seoul area and southwestern region in an attempt to stem a resurgence of the coronavirus, according to Yonhap.

Meanwhile, Dow Jones Industrial Average futures were higher in the early hours of Monday, even as Covid-19 cases rise in the U.S. and abroad.

The U.S. recently reported nearly 200,000 new virus cases less than a week before Thanksgiving. Public health officials have warned that Thanksgiving celebrations on Thursday could further exacerbate the outbreak.

Flash purchasing manager’s index (PMI) data showed French business activity falling in November on the back of a second lockdown. The composite PMI reading came in at 39.9, down from 47.5 in October, with the 50-mark separating expansion from contraction. Germany’s composite reading was 52.0, down from 55.0 in October.

In terms of individual share price movement, British Airways parent IAG climbed 4.5% in early trade, while German conglomerate Thyssenkrupp and Spanish fuel company Repsol both added more than 4%.

At the other end of the European blue chip index, Swedish investment firm Latour and German meal kit company Hellofresh fell more than 3%.

Subscribe to CNBC PRO to access live PRO Talks, including our Dec. 2 discussion on opportunities and risks in international markets.

– CNBC’s Eustance Huang and Pippa Stevens contributed reporting to this story.


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