European stocks close higher on hopes of an effective Covid-19 vaccine; BBVA up 15%
European stocks closed higher on Monday as hopes for an effective coronavirus vaccine were further boosted by positive news from Moderna.
The pan-European Stoxx 600 closed up by 1.3% provisionally, with oil and gas stocks jumping 4.2% to lead gains as almost all sectors and major bourses remained in positive territory.
Global markets have continued a broad rally over the past week, following encouraging news from Pfizer and BioNTech’s late-stage coronavirus vaccine trial, which offered a glimmer of hope for the global economy. The risk-on sentiment received a further boost Monday as Moderna announced that preliminary data showed its own vaccine was more than 94% effective.
In corporate news, Spanish financial group BBVA has agreed to sell its U.S. business, BBVA USA Bancshares, to PNC Financial Services Group for $11.6 billion. BBVA shares jumped more than 15% by afternoon trading, while compatriot Banco de Sabadell also gained more than 24%.
Reference: CNBC
Thai
Eng