Covid vaccine and Biden win in focus

LONDON — European stocks advanced Tuesday, continuing the previous session’s rally on hopes an effective coronavirus vaccine has been found.

The pan-European Stoxx 600 gained 0.6% by the afternoon, tech stocks dropping 1.1% while banks surged another 3.4% as signs of a rotation from growth to value emerged.

The upward momentum comes following a rally in global stock markets on Monday, after U.S pharmaceutical giant Pfizer and German biotech firm BioNTech said their coronavirus vaccine was more than 90% effective in preventing Covid-19 among those without evidence of prior infection.

The news prompted global markets — that had already been trading higher Monday as investors reacted to Joe Biden’s defeat of Donald Trump in the U.S. presidential race, according to NBC projections — to rocket.

U.S. stock futures were also turbulent in early morning trading on Tuesday following the record-setting rally in the previous session. Futures on the Dow Jones Industrial Average pointed sharply higher having previously fallen by more than 200 points. S&P 500 futures and Nasdaq 100 futures also traded in fractionally positive territory.

Meanwhile, markets in Asia-Pacific were mixed during Tuesday trade while airline stocks soared as investors in the region reacted to positive coronavirus vaccine developments overnight.

Adidas on Tuesday offered a cautious outlook for sales and operating profit in the fourth quarter amid a resurgence of the coronavirus pandemic across Europe. However, the German sportswear brand said it expects growth in Chinese sales and reported third-quarter earnings slightly above expectations. Adidas shares traded 4.9% lower by early afternoon.

In terms of individual share price action, mall operator URW saw its shares bounce more than 17% after shareholders rejected a planned rights issue, while rival Klepierre added 15%.

At the bottom of the European blue chip index, Danish hearing aid manufacturer Gn Store Nord fell 6%.

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

Next Post

Allen Iverson Shoes

Tue Nov 10 , 2020
Not too many players have had a sneaker line that compares to MJ‘s in terms of iconic style and on-court performance. When Allen Iverson was drafted with the #1 overall pick by the Philadelphia 76ers in 1996, he immediately won the hearts of young fans with his indomitable spirit – both on […]
NBA Finals X Iverson