European Shares Mostly Higher On Covid Vaccine Optimism

European stocks were mostly higher on Tuesday as signs of progress in the development of a Covid-19 vaccine raised hopes for a normal business year in 2021.

The upside remained capped as Italy ramped up business restrictions in Tuscany and four other regions to rein in the second wave of the pandemic.

The pan European Stoxx 600 rose half a percent to 382.74 after climbing 4 percent in the previous session to its highest level since March.

France’s CAC 40 index rallied 1.4 percent and the U.K.’s FTSE 100 gained 1.3 percent, while the German DAX was down 0.2 percent.

Shopping mall owner Unibail-Rodamco-Westfield jumped as much as 28 percent after its shareholders voted against a planned 3.5 billion-euro ($4.15 billion) rights issue.

Housebuilder Persimmon lost nearly 4 percent despite saying it was on course to deliver a good result for the full year.

Oxford Instruments soared 8 percent. The provider of equipment to the scientific community expects its full-year performance to be ahead of current analyst forecasts.

Premier Foods, the maker of Oxo stock cubes and Bisto gravy, lost 5 percent despite raising its full-year profit guidance.

Sportswear firm Adidas tumbled 4.2 percent after posting a fall in quarterly revenue and profit.

Nordex Group soared 15 percent after the wind turbine manufacturer presented new guidance for the current 2020 financial year.

Freight and logistics group Deutsche Post lost 5 percent despite reporting an increase in net profit and revenue for the third quarter.

In economic releases, the ZEW economic research institute said its economic sentiment index for Germany fell to 39.0 from 56.1 the previous month.

A government report showed France’s industrial production increased 1.4 percent month-on-month in September, following a 1.1 percent rise in August. The rate was forecast to ease to 0.8 percent.

The U.K. ILO jobless rate rose by 0.7 percentage points from the previous quarter to 4.8 percent in three months to September, as economists’ expected – data from the Office for National Statistics showed. Meanwhile, the employment rate dropped by 0.6 percent from the preceding quarter to 75.3 percent.

Separately, data from the British Retail Consortium revealed that U.K. retail sales increased notably in October as customers resorted to stockpiling ahead of the nationwide lockdown.

Total retail sales grew 4.9 percent on a yearly basis in October and the like-for-like sales advanced 5.2 percent.

Source: Read Full Article