European Stocks Gain on Vaccine Optimism

23 November 2020

    European markets were seen opening higher Monday morning as optimism over fast-tracked vaccine rollout plans took over the market.


    Pfizer and BioNTech applied for US FDA emergency drug authorization for the vaccine Friday, the same day as Moderna announced it was close to seeking the same approval once its late-stage vaccine trials are complete.


    Although investors acknowledge that it will take some time before production and supply of the vaccine match global demand, and the pandemic becomes a thing of the past, the prospect of distribution starting before the Christmas holiday period can’t not get markets optimistic.


    By 07.15 GMT, the German DAX traded 1% higher, the French CAC - 0.7% higher, and the UK FTSE 100 - 0.8% higher. 


    “Optimism around vaccine developments continues to buoy sentiment, despite the current lockdowns that we are seeing across Europe, and with the numbers of U.S. Covid-19 cases now passing the 12 million mark”, analysts at ING comment. 


    November PMI data, on the agenda later today, could potentially give an indication of the impact of the recent anti-COVID measures on the euro-zone economy. So far, analyst expectations for the euro-zone composite output index average 45.8 in November, as opposed to 50.0 in the previous month.

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