European shares rebounded on Wednesday from losses in the previous session following reports of progress in developing a COVID-19 vaccine, but a mixed bag of quarterly earnings reports capped gains.
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 14, 2020. REUTERS/Staff
The pan-European STOXX 600 rose 0.9%, with growth-sensitive sectors such as travel & leisure .SXTP, miners .SXPP and industrial companies .SXNP leading gains. Market sentiment got a boost after U.S. biotech firm Moderna Inc’s experimental vaccine for COVID-19 showed it was safe and provoked immune responses in an ongoing early-stage study.
“We have quite an optimistic mood in the market based on not-too-bad earnings reports and the forward-looking optimism about a vaccine,” UniCredit’s lead equity sector strategist Christian Stocker said.As Europe Inc starts churning out trading updates that are expected to show a more than 50% dive, on average, in second-quarter profits, investors are keen to see whether the market bounce back can be sustained.
Swedish telecom operator Tele2 AB gained 3.7% as it reaffirmed its 2020 earnings outlook and plans for an extra shareholder payout.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sobering Economic Data From Europe, Asia Dash Hopes for Swift RecoveryEarly data suggest the recovery from the economic crisis precipitated by the coronavirus pandemic could take longer than originally hoped, with countries facing a long slog to recover lost jobs and income.
Read more »
European shares climb on vaccine hopes, mixed earningsEuropean shares rebounded on Wednesday from losses in the previous session, bolstered by positive updates on a potential COVID-19 vaccine, while investors weighed a mixed bag of quarterly reports at the start of earnings season.
Read more »
European stocks head for higher open on vaccine hopesEuropean stocks are expected to open higher Wednesday as investor hopes for a coronavirus vaccine rise.
Read more »
Treasury yields move higher ahead of Fed's Beige Book reportU.S. government debt prices were lower Wednesday morning as market sentiment turned positive on vaccine hopes.
Read more »
Dow rises sharply on vaccine results and Goldman earningsUS stocks soar at Wednesday's opening bell after a coronavirus vaccine trial showed promising results.
Read more »
Early data from Moderna's coronavirus vaccine sparks Wall Street hopesModerna Inc's shares rose 17% on Wednesday after a small-scale study showed its experimental COVID-19 vaccine produced high levels of virus-killing antibodies, bolstering hopes the shot could prove effective in later stages of testing.
Read more »