MILAN/FRANKFURT: European shares rose for the first time in three sessions on Monday, bouncing from a Wall Street-led rout in technology stocks in the previous week as investors focused on economic green shoots and Covid-19 vaccine developments.
Australia expects to receive its first batches of a potential Covid-19 vaccine in January after a deal was struck with CSL to manufacture two vaccines, one developed by rival AstraZeneca and Oxford University, and another in CSL's own labs with the University of Queensland.
AstraZeneca jumped 4%, with the European healthcare sector index gaining 2.1%.
Sanofi rose 2.4% after it said a coronavirus vaccine it is developing with Britain's GlaxoSmithKline was likely to be priced at less than 10 euros.
The STOXX 600 index was 1.7% higher, with Frankfurt shares rising 2%.
Autos led sectoral gains in Europe after analysts at JP Morgan said the overall tone for production outlook in the European autos sector was "upbeat", following their meetings with industry leaders.
Insurers and financial services sub-indexes climbed in early trading, while telecoms rose the least, suggesting a risk-on mood.
The STOXX 600 has remained stuck in a tight range since June, as a euro zone economic recovery appeared to be losing steam.
Markets also got a lift from data showed China's exports rose the most in nearly 1-1/2 years in August in a sign that more of its trading partners, such as the euro zone, were reopening their economies.
All major European sector indexes closed higher, with banks rising the least.
Dechra Pharmaceuticals jumped 6.9% to a record high after its profit beat expectations.
Comments
Comments are closed.