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Vaccine hopes drive European stocks higher

Published 11/23/2020, 04:29 PM
Updated 11/23/2020, 04:30 PM
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Nov 23 (Reuters) - European shares jumped on Monday as
encouraging developments around a coronavirus vaccine spurred
bets of a faster economic revival globally, even as a surge in
infection rates clouded near-term outlook.
AstraZeneca AZN.L said its COVID-19 vaccine, developed
along with the University of Oxford, could be around 90%
effective under one dosing regimen. However, its shares dropped
1%. The pan-European STOXX 600 index .STOXX rose 0.5% by 0810
GMT and hit a fresh high since late February, with energy
.SXEP and banks .SX7P leading early gains.
The benchmark index clocked a third straight week of gains
on Friday following recent COVID-19 vaccine breakthroughs.
Euro zone and UK business activity data for November are due
later in the day, with investors looking to gauge the impact of
the COVID-19 pandemic on the manufacturing and services sectors.
In company news, French bank Credit Agricole CAGR.PA
jumped 3.9% after its Italian unit launched an offer to buy
Italian bank Credito Valtellinese (Creval) PCVI.MI .

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