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    CVAL   IT0005412025


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

European shares slip as jump in virus cases offsets vaccine hopes

11/23/2020 | 05:10am EST

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* AstraZeneca drops as vaccine efficacy rate lower than peers

* Euro zone business activity falls sharply in November

* Cineworld surges on additional capital raising

* French bank Credit Agricole jumps on takeover deal

Nov 23 (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.

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)

ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC -1.14% 8411 Delayed Quote.14.84%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -1.62% 0.6294 Delayed Quote.1.58%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.06% 0.690579 Delayed Quote.9.48%
CINEWORLD GROUP PLC -6.95% 49.02 Delayed Quote.-24.38%
CREDITO VALTELLINESE S.P.A. 0.00% 12.26 End-of-day quote.6.20%
CRÉDIT AGRICOLE S.A. -4.39% 12.066 Real-time Quote.16.92%
EURO / BRITISH POUND (EUR/GBP) -0.03% 0.84855 Delayed Quote.-5.75%
HELLOFRESH SE 5.07% 95.26 Delayed Quote.50.73%
MODERNA, INC. 20.57% 329.63 Delayed Quote.215.53%
STOXX EUROPE 600 -3.67% 464.05 Delayed Quote.16.29%
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Capitalization 860 M 1 048 M -
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Credito Valtellinese S.p.A. Technical Analysis Chart | CVAL | IT0005412025 | MarketScreener
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Roberto Ghisellini Chief Executive Officer & Director
Pietro Fumagalli Head-Finance
Filippo Zabban Chairman
Paola Bruno Independent Director
Livia Amidani Aliberti Independent Director
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