Euro stocks extend recovery
European stocks sustained their recovery on Tuesday following the full US approval of a COVID-19 vaccine. The vaccine’s approval lifted Wall Street to record highs, while the latest data showed a stronger-than-expected economic recovery in Germany.
The pan-European STOXX 600 index went up 0.3% by 0711 GMT after the previous week’s selloff knocked it lower by 3% from its record highs.
Travel and leisure, technology, and mining stocks were the best performers, gaining between 0.9% and 1.2%.
Wall Street’s Nasdaq hit an all-time closing high after US regulators granted full approval to the COVID-19 vaccine developed by Pfizer Inc. and BioNTech SE, a move that could accelerate US inoculations.
Meanwhile, data showed Germany’s gross domestic product climbed up 1.6% on the quarter from April to June, slightly higher than its previous estimate of 1.5%.
In related news, Marks and Spencer Group jumped 3.1% to the top of the STOXX 600 after Berenberg and Credit Suisse increased their price targets on the company’s stock.