Skip to main content

European Markets Closing Report: European stocks close higher on hopes for an effective Covid-19 vaccine; BBVA up 16%


Elliot Smith, Holly Ellyatt

LONDON — European stocks closed higher on Monday as hopes for a coronavirus vaccine were further boosted by positive news from Moderna.

.FTSEFTSE 100FTSE6423.62107.231.70947578601
.FCHICAC 40 IndexCAC5475.6895.521.7898027631

The pan-European Stoxx 600 closed up by 1.3% provisionally, with oil and gas stocks jumping 4.2% to lead gains as almost all sectors and major bourses remained in positive territory.

Global markets have continued a broad rally over the past week, following encouraging news from Pfizer and BioNTech’s late-stage coronavirus vaccine trial, which offered a glimmer of hope for the global economy. The risk-on sentiment received a further boost Monday as Moderna announced that preliminary data showed its own vaccine was more than 94% effective.

The coronavirus pandemic remains a key concern for markets. More than 11 million Covid-19 infections have been confirmed in the U.S., according to data from Johns Hopkins University. Data from the COVID Tracking Project also showed that a record of more than 68,500 people in the U.S. are hospitalized with the coronavirus.

A study by the National Cancer Institute (INT) of the Italian city of Milan showed that the coronavirus was circulating in Italy since September 2019, signaling that Covid-19 might have spread beyond China earlier than previously thought, Reuters reported this weekend.

The U.S. election result also remains in focus for investors. On Sunday, President Donald Trump acknowledged publicly for the first time that President-elect Joe Biden won the election, more than seven days after media outlets including NBC News called the race for Biden. In subsequent tweets, however, Trump wrote that he would not concede.

Meanwhile in Asia, markets bounced on Monday as 15 economies in the region signed a deal that formed the world’s largest trade alliance. Tech and auto stocks soared.

The trade deal, signed on Sunday, aims to gradually reduce tariffs across many areas, according to Reuters. The Regional Comprehensive Economic Partnership is now the world’s largest trade bloc, a deal that excludes the U.S. It marks the first time that East Asian powers China, Japan and South Korea are in a single trade agreement.

In corporate news, Spanish financial group BBVA has agreed to sell its U.S. business, BBVA USA Bancshares, to PNC Financial Services Group for $11.6 billion. BBVA shares jumped more than 18% by afternoon trading, while compatriot Banco de Sabadell also gained more than 17%.

- staff contributed to this report.


Popular posts from this blog

Analysis | The Cybersecurity 202: How the shutdown could make it harder for the government to retain cybersecurity talent

By Joseph Marks 13-17 minutes THE KEY President Trump delivers an address about border security amid a partial government shutdown on Jan. 8. (Carolyn Kaster/AP) The partial government shutdown that's now in its 18th day is putting key cyber policy priorities on hold and leaving vital operations to a bare bones staff. But the far greater long-term danger may be the blow to government cyber defenders' morale, former officials warn. With the prospect of better pay and greater job security in the private sector, more government cyber operators are likely to decamp to industry, those former officials tell me, and the smartest cybersecurity graduates will look to industry rather than government to hone their skills. That’s especially dangerous, they say, considering the government’s struggle to recruit and retain skilled workers amid a nationwide shortage of cybersecurity talent. About 20 percent of staffers are furloughed at the De

Democrats call for investigation into Trump’s iPhone use after a report that China is listening:Analysis | The Daily 202 I The Washington Post. By James Hohmann _________________________________________________________________________________ President Trump and Chinese President Xi Jinping visit the Great Hall of the People in Beijing last November. (Andrew Harnik/AP) With Breanne Deppisch and Joanie Greve THE BIG IDEA: If Democrats win the House in two weeks, it’s a safe bet that one of the oversight hearings they schedule for early next year would focus on President Trump’s use of unsecured cellphones. The matter would not likely be pursued with anywhere near the gusto that congressional Republicans investigated Hillary Clinton’s use of a private email server during her time as secretary of state. Leaders of the minority party have higher priorities . But Democratic lawmakers made clear Thursday morning that they will not ignore a New York Times report that Trump has refused to stop using iPhones in the White House, despite repeated warnings from U.S. intelligence offici

RTTNews: Morning Market Briefing.-Weekly Jobless Claims Edge Down To 444,000. May 13th 2010

Morning Market Briefing Thu May 13 09:01 2010   Commentary May 13, 2010 Stocks Poised For Lackluster Open Amid Mixed Market Sentiment - U.S. Commentary Stocks are on pace for a mixed start to Thursday's session, as a mostly upbeat jobs report continued to relieve the markets while some consternation regarding the European debt crisis remained on traders' minds. The major index futures are little changed, with the Dow futures down by 4 points. Full Article Economic News May 13, 2010 Weekly Jobless Claims Edge Down To 444,000 First-time claims for unemployment benefits showed another modest decrease in the week ended May 8th, according to a report released by the Labor Department on Thursday, although the number of claims exceeded estimates due to an upward revision to the previous week's data. Full Article May 13, 2010 Malaysia's Decade High Growth Triggers Policy Tightening Malaysia's economy grew at the fastest pace in a decade in