Stay connected
European stocks closed upwards on Monday when investors reacted to the candidate’s positive effects for the coronavirus vaccine.
Pan-European Stoxx six hundred recovered past losses to temporarily close more than 0.7%. Construction and fabric corporations led the profits with a 1.4% increase, with maximum sectors and primary inventory exchanges in positive territory.
It appears that a possible coronavirus vaccine evolved through the University of Oxford in the UK with AstraZeneca and has produced a strong immune reaction in a giant early human trial, according to the effects published Monday in the medical journal The Lancet.
The experimental vaccine combines the genetics of coronavirus with a modified adenovirus known to cause infections in chimpanzees. AstraZeneca’s shares increased by more than 1% after the effects were published.
Another promising news story came Monday from the UK, as British pharmaceutical company Synairgen said its new respiratory remedy for coronavirus had reduced the number of patients at Covid-19 hospital who require extensive care in a clinical trial.
Britain’s FTSE is the only primary index firmly in red numbers, with tensions between the UK and China weighing on sentiment. British Foreign Minister Dominic Raab announced on Monday the suspension of Hong Kong’s extradition treaty in reaction to Beijing’s new national security law in the former British colony.
Meanwhile, European investors have also followed EU talks on a proposed stimulus fund of 750 billion euros ($857 billion). Negotiations that began in Brussels on Friday continued until Monday, with German Chancellor Angela Merkel and French President Emmanuel Macron expressing distrustful hopes that a compromise could be reached.
On Wall Street, stocks were mixed, with the Dow Jones Industrial Average falling by 0.2%, while the Nasdaq rose more than 1%, while Amazon led other primary-generation shares. A Goldman Sachs analyst raised his value target for the e-commerce giant to $3800 consistent with the stock, on the street.
The pandemic remains at the heart of market considerations as coronavirus instances accumulate at an alarming rate in some parts of the world. Data compiled through Johns Hopkins University showed that more than 70,000 cases were shown in the United States on Saturday, marking two consecutive days of at least 70,000 new infections shown.
Back in Europe, Ubi Banca recovered 14% after Intesa Sanpaolo increased its takeover bid for the small Italian lender. Philips shares rose more than 5% after the healthcare generation company published better-than-expected results.
At the other end of the most sensitive European index, Natixis shares fell more than 7% after owner BPCE said it did not aim to bid for more shares of the French corporate bank.
Do you have any confidential information? We have to hear from you.
Sign up for loose newsletters and get more CNBC in your inbox
Get it in your inbox and more information about our and services.
© 2020 CNBC LLC. All rights are reserved. An NBCUniversal department
Knowledge is a real-time snapshot: the data is delayed by at least 15 minutes. Global industry and monetary news, inventory quotes and market knowledge and analysis.
Data also by