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MarketScreener Homepage  >  Indexes  >  Switzerland  >  Euro Stoxx 50       EU0009658145

EURO STOXX 50

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European shares slip as jump in virus cases offsets vaccine hopes

11/23/2020 | 12:57pm EST
The German share price index DAX graph at the stock exchange in Frankfurt

(Reuters) - European shares closed lower on Monday as investors weighed signs of progress in developing a COVID-19 vaccine against the threat of economic damage from sweeping business restrictions to contain a surge in infections. Boosting global equity markets earlier on Monday, AstraZeneca Plc said its COVID-19 vaccine, developed along with the University of Oxford, could be around 90% effective.

But AstraZeneca's shares fell 3.8% as traders took into account its lower efficacy rate compared with rivals such as Pfizer, which has so far reported the highest efficacy rate of 95%, followed by Moderna's 94.5%. The pan-European STOXX 600 index ended down 0.2% after having gained as much as 0.6% in morning trading.

"There is a significant chance of continuing lockdown measures as the second wave isn't under control yet," said Bert Colijn, senior economist for the euro zone at ING. "That means that some form of lockdown in December will continue to depress economic output before things actually start getting better."

The benchmark index has gained nearly 40% from its March lows, helped by a flood of stimulus measures, but gains remain capped as data points to a faltering economic recovery from a pandemic-induced recession. Euro zone business activity contracted sharply in November as new virus restrictions across European countries forced many companies in the bloc's dominant service industry to close temporarily, a survey showed. Manufacturing activity, however, remained a bright spot as many factories remained open during lockdowns.

"The market seems to be looking through the current expected growth dip and focusing on the synchronous economic recovery next year," analysts at Berenberg said.

British domestic stocks were buoyed by hopes of a swifter economic recovery, after the British government said it was working with Scotland, Wales and Northern Ireland to ease COVID-19 restrictions over Christmas. That helped the UK's domestically focused mid-cap index gain 0.4%, along with hopes of a post Brexit-trade deal with the European Union. [.L]

Among individual stocks, Cineworld, owner of the U.S. Regal cinema chain, surged 20% after securing an additional $750 million in funding to cushion itself against the impact of the coronavirus as it aims to reopen next year.

French bank Credit Agricole jumped 4.1% after its Italian unit launched an offer to buy Italian bank Credito Valtellinese (Creval).

Germany's HelloFresh fell 3.3% after the company said it bought Factor75, a U.S. provider of fully prepared meals, for up to $277 million.

(Reporting by Shashank Nayar and Shriya Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta and Jane Merriman)

By Shashank Nayar and Shriya Ramakrishnan


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 0.87% 7656 Delayed Quote.3.66%
CINEWORLD GROUP PLC 0.61% 66.1322 Delayed Quote.2.65%
EURO / BRITISH POUND (EUR/GBP) 0.19% 0.8906 Delayed Quote.-0.52%
EURO STOXX 50 -0.19% 3592.79 Delayed Quote.1.32%
HELLOFRESH SE 4.93% 64.9 Delayed Quote.-2.14%
PFIZER INC. -0.14% 36.7 Delayed Quote.-0.30%
STOXX EUROPE 600 0.04% 408.03 Delayed Quote.2.21%
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Chart EURO STOXX 50
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Euro Stoxx 50 Technical Analysis Chart | EU0009658145 | MarketScreener
Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
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Top / Flop EURO STOXX 50
ADIDAS AG 290.25 Real-time Estimate Quote.3.00%
DEUTSCHE POST AG 43.53 Real-time Estimate Quote.1.94%
LVMH MOËT HENNESSY - LOUIS VUITTON SE 500.2 Real-time Quote.1.27%
ING GROEP N.V. 7.926 Real-time Quote.1.02%
PROSUS N.V. 93.06 Real-time Quote.0.89%
AIRBUS SE 91.13 Real-time Quote.-1.53%
SCHNEIDER ELECTRIC SE 122.2 Real-time Quote.-1.73%
LINDE PLC 258.09 Delayed Quote.-2.12%
AHOLD DELHAIZE N.V. 24.16 Real-time Quote.-2.82%
ENEL S.P.A. 8.574 Real-time Estimate Quote.-3.22%
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