Home > Business > European markets march higher as concerns continue over vaccine supplies and lockdowns

European markets march higher as concerns continue over vaccine supplies and lockdowns

53 Views

European stocks marched into the green on Tuesday, reversing two sessions of declines, as the market continued to absorb earnings reports against the backdrop of concerns over vaccine supplies and lockdown measures to fight the COVID-19 pandemic.

The pan-European Stoxx 600
SXXP,
+0.72%

was 0.9% higher, while London’s FTSE 100
UKX,
+0.54%

rose 0.7%. In Paris the CAC 40
PX1,
+0.95%

was trading 1% higher and Frankfurt’s DAX
DAX,
+1.44%

rose 1.5%.

Dow futures
YM00,
-0.08%

were flat, set for a soft open after the Dow Jones Industrial Average
DJIA,
-0.12%

ended Monday 37 points lower to close at 30,960.

The European Union has lashed out at AstraZeneca
AZN,
+0.91%
,
alleging that the drug company and developer of a COVID-19 vaccine with the University of Oxford failed to guarantee delivery of vaccines without a valid explanation.

The bloc has threatened to impose tight export controls imminently on COVID-19 vaccines made in the group of 27 member states. The EU is lagging behind the U.K. and U.S. in rolling out vaccines, as coronavirus continues to rage in Europe.

Read more: EU puts pressure on AstraZeneca over vaccine delays

U.K. Prime Minister Boris Johnson is expected to announce new border controls on Tuesday, as calls for a third national lockdown in France grow louder and violent anti-lockdown protests continue in the Netherlands.

“European markets got off to a disappointing start to the week on a combination of concerns about another lockdown in France, the threat of tighter restrictions for longer across Europe, slower vaccine rollout, as well as disruption to vaccine supply,” said Michael Hewson, an analyst at CMC Markets.

In Italy, the benchmark index FTSE MIB
I945,
+0.68%

was trading above flat but is hovering near a month-low as political turmoil continues in Rome. Prime Minister Giuseppe Conte, who has come under intense scrutiny over his handling of the pandemic, is set to resign on Tuesday amid political uncertainty that could see him try to form another government.

UBS
UBSG,
+1.24%

was a standout in European trading, with shares in the global wealth manager rising around 3.5% after an upbeat earnings report beat expectations. Net profit attributable to shareholders in the fourth quarter jumped 137% year-over-year.

Finnish telecom group Nokia
NOKIA,
+4.09%

is in the spotlight, with the stock up more than 4% on Tuesday, after it jumped 17% in bumpy Monday trading to close 8% higher. The stock has become a target of day traders on Reddit’s WallStreetBets forum. The online community has made headlines in the past week for piling into videogame retail chain GameStop’s
GME,
+18.12%

stocks and options, hammering short sellers and ratcheting up volatility.

Also read: Reddit moderator slams Wall Street ‘fat cats’ as GameStop’s wild ride continues — ‘They hate that you played by the rules and still won’

Shares in British engineer Rolls-Royce
RR,
-5.24%

are down near 10%, continuing losses from Monday. The group warned in a trading update that free cash outflow in 2021 will be around £2 billion ($2.7 billion) — more than expected.

Novartis
NOVN,
-2.69%
,
one of Europe’s largest pharmaceutical groups, missed profit expectations in the fourth quarter, though sales beat expectations. The stock fell near 3%.

European internet investor Prosus
PRX,
-2.43%

is feeling the pressure from Tencent’s stock price, with shares in the Chinese internet giant’s largest investor down 3%. Tencent’s stock fell more than 6% in Asian trading, as the company approached a $1 trillion market valuation.

Source link

TAGS , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Hi guys, this is Kimmy, I started LicensetoBlog to help you with the latest updated news about the world with daily updates from all leading news sources. Beside, I love to write about several niches like health, business, finance, travel, automation, parenting and about other useful topics to keep you find the the original information on any particular topic. Hope you will find LicensetoBlog helpful in various ways. Keep blogging and help us grow as a community for internet lovers.