Nov 17, 2020

European Markets Closing Report: European markets close lower as vaccine rally stalls.


Elliot Smith, Holly Ellyatt

LONDON — European stocks closed lower on Tuesday despite a backdrop of more positive coronavirus vaccine news from Moderna on Monday.

.FTSEFTSE 100FTSE6364.44-56.85-0.89810844263
.FCHICAC 40 IndexCAC5487.3115.830.2965581676

The pan-European Stoxx 600 closed down by around 0.2% provisionally, with travel stocks shedding 1.1% to lead the losses as the majority of sectors and major bourses slid into negative territory.

European stocks had closed higher on Monday as hopes for an effective coronavirus vaccine were further boosted by positive news from Moderna, which announced that preliminary data showed its coronavirus vaccine was more than 94% effective at preventing Covid-19.

The announcement followed similarly positive news last week from Pfizer and BioNTech’s late-stage coronavirus vaccine trial that showed their vaccine was more than 90% effective.

The Moderna news boosted stocks on Wall Street and markets in the Asia-Pacific region overnight, with shares mostly rising in Tuesday’s trading session. But U.S. stock futures were in negative territory on Monday night despite two of the three major market benchmarks closing at record levels.

In Europe, focus is on the outlook for the EU’s near-term economic recovery after Hungary and Poland blocked the adoption of the 2021-2027 budget and recovery fund by EU governments on Monday. This was due to the budget law including a clause making access to money conditional on respecting the rule of law.

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