Moderna on Monday announced that preliminary data showed its coronavirus vaccine was in excess of 94 % effective at preventing Covid-19.
In Europe, focus is on the outlook for the EU's near term economic restoration after Hungary and Poland blocked the adoption of 2021-2027 budget as well as retrieval fund by EU governments on Monday.
The pan-European Stoxx 600 hovered close to the flatline in early trade, with travel stocks shedding 1.1 % and utilities publishing 0.4 %.
European stocks closed higher on Monday as hopes for a highly effective coronavirus vaccine had been further boosted by news that is good from Moderna, which announced that preliminary data showed its coronavirus vaccine was more than ninety four % effective at stopping Covid-19.
The announcement followed similarly good news last week from Pfizer and BioNTech's late stage coronavirus vaccine trial which showed the vaccine of theirs was much more than 90 % effective.
The Moderna news boosted stocks on Wall Street and markets in the Asia Pacific region overnight, with shares largely soaring in Tuesday's trading session. But U.S. stock futures were in unfavorable territory on Monday night despite two of the 3 major market benchmarks closed for record levels.
In Europe, focus is on the outlook for the EU's near-term economic restoration following Hungary and Poland blocked the adoption of the 2021 2027 budget as well as retrieval fund by EU governments on Monday. They did this simply because the budget law features a clause that makes access to cash conditional on respecting the rule of law.
Business earnings stay on the agenda, with EasyJet reporting on Tuesday this revenue fell more than 50 % in the year to the end of September because the coronavirus pandemic soil the travel industry to a halt.
Intermediate Capital saw the shares of its climb 5.6 % to steer the Stoxx 600 in early trade right after posting a twenty nine % rise in first-half benefit just before tax, while at the other end of the European sky blue chip index, local mall operator Klepierre slid in excess of four %.
Shares of Zoom Video Communications (NASDAQ:ZM) fell sharply on Monday, along with the stocks of a lot of other high flying work-from-home companies. The provider of a footage collaboration platform saw the shares of its fall greater than 7 % at one point inside the trading day. As of 11:45 p.m. EST today, nevertheless, the loss had been trimmed to 3.7 %.
The stock's decline was apt driven primarily by news flash that Moderna's coronavirus vaccine was found to be about ninety five % successful inside a clinical trial with more than 30,000 volunteers. Zoom stock's sell-off suggests several investors assume shares might use a hit when effective vaccines are distributed, helping other countries and the U.S. return to more normalcy.