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The S&P 500 and Dow Jones indices closed Monday trading at record highs, with hopes of eradicating Covid-19 with a new vaccine from Moderna, as the number of infections and new restrictions imposed by the state government increase. United risk being delayed. recovery from the recession caused by the pandemic, Reuters reports.
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Shares of major European companies also closed Monday trading at their highest level in more than eight months, with positive data on the effectiveness of Moderna’s new coronavirus vaccine spurring investor optimism for a more economic recovery quick. Signs of recovery in Asian economic activity also contributed to this confidence, Reuters reports.
Moderna became the second drug manufacturer in a week to report a high efficacy of more than 94% in an experimental coronavirus vaccine after Pfizer made a similar announcement on Nov.9.
“The more companies are able to develop an effective candidate vaccine, the more investors will be optimistic about the exit from the pandemic and the recovery of business,” said Michael Hewson, chief market analyst at CMC Markets.
The pan-European STOXX 600 index closed 1.3% higher and the biggest gains were for oil stocks. Oil prices rose 4%. The banking component of the index increased by 3.1%, the largest increase recorded by the Spanish bank BBVA.
BBVA shares closed up 16% after PNC Financial Services Group announced it would buy its US division for $ 11.6 billion in cash. This is the second largest transaction in the US banking sector since the 2008 crisis.
The STOXX 600 index has advanced nearly 40%, from a low reached in March, and is about to record the best monthly evolution of the last three decades.
European Central Bank (ECB) Vice-President Luis de Guindos on Monday called on eurozone banks to continue using their capital buffers to absorb losses, without limiting lending to the real economy, which he said needs to time to recover. returns from the recession caused by the coronavirus pandemic.
Vodafone shares rose 6.7%, following the announcement of growing confidence in financial performance this year, following the “resistance” shown in the first half, despite the impact of the pandemic.
The shares of the Italian company Nexi rose by 0.5%, after concluding a second agreement in six weeks, with which it agreed on a merger of 7.8 billion euros with the northern rival Nets. Following the merger, the largest payment group in Europe will be created.
In China, industrial production and retail sales rose above expectations in October.
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