European markets log best week in around two months on recovery hopes, vaccine news
The pan-European Stoxx 600 climbed 0.5%, with tech stocks jumping 2.4% to lead gains while autos bucked the trend to slide 0.6%. Germany’s DAX index notched a new record high on Friday morning.
The Stoxx 600 also posted its best week in around two months, according to Reuters data, with a gain of 3%.
European shares received a mostly strong handover from Asia-Pacific on Friday, with South Korea’s Kospi surging 3.9% to lead gains.
Mainland Chinese shares bucked the trend to slip lower after the New York Stock Exchange’s announcement that it will delist the U.S.-listed stocks of those three Chinese telecommunication giants to comply with an executive order signed by President Donald Trump last year.
Shares of South Korean automaker Hyundai Motor soared more than 20% following a local media report of a deal between the firm and tech giant Apple on developing electric vehicles and batteries.
The U.K.’s regulator on Friday approved Moderna’s vaccine for use, making it the third vaccine cleared for distribution in the country, after the Oxford/AstraZeneca and Pfizer/BioNTech vaccines.
On the data front, euro zone unemployment unexpectedly declined in November, according to Eurostat figures published Friday, falling to 8.3% from 8.4% in October.
Credit Suisse on Friday projected a net loss for the fourth quarter on the back of an $850 million provision for a long-running dispute in the U.S. over a residential mortgage-backed security. The Swiss lender’s shares were down 3.6% during afternoon trade.
Reference: CNBC
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