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Stocks Uniformly Higher as AstraZeneca Throw Hat into Vaccine Ring

EQUITIES

European indices are higher across the board, with broad-based gains of around 0.8% posted across German, Spanish and Italian markets. the FTSE-100 lags slightly as the stronger GBP counters domestic equity strength. EuroStoxx 50 showed at a new multi-month high and above the 3500 level. The gains follow AstraZeneca/Oxford updating on the progress of their COVID-19 vaccine, reporting a 90% efficacy rate and easier distribution channels as the vaccine only requires regular refrigeration - an easier path to immunity given the Pfizer/BioNTech's candidates requires ultra-low storage temperatures.

Energy, financials and materials are the firmest sectors, with defensive utilities, consumer staples and healthcare the poorest performers. Airlines are among Europe's best performers, with IAG & Deutsche Lufthansa higher by 4% or more.

The e-mini S&P sits just shy of the Friday high, facing resistance at 3587.25 ahead of the 3668 November high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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