BREAKING: European Shares End at Over Eight-Month High on Moderna Vaccine Optimism
(Reuters) - European shares ended at a more-than-eight-month high on Monday as positive data from Moderna Inc’s COVID-19 vaccine boosted investor confidence in a faster pace of economic revival, while signs of recovery in Asia also helped.
Moderna became the second drugmaker in a week to report high efficacy for an experimental coronavirus vaccine after Pfizer made a similar announcement on Nov 9.
The pan-European STOXX 600 ended 1.3% higher with oil stocks leading gains on the back of a 4% jump in oil prices, while banks rose 3.1%, led by Spanish lender Banco Bilbao Vizcaya Argentaria (BBVA).
The benchmark STOXX 600 has gained nearly 40% from its March lows and is on track for its best month in nearly three decades. But the economic disruption arising out of a spike in coronavirus cases across Europe has led the index to underperform its U.S. peers this year.
Data showing that China’s factory output rose faster than expected in October and that retail sales surged had helped sentiment earlier in the day.
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