Europe opens higher on vaccine optimism

Tuesday, 24. November 2020 09:02

Major European stock markets opened higher on Tuesday amid hopes the coronavirus pandemic might come to an end soon. The vaccine candidates developed by Pfizer and BioNTech, Moderna, and Oxford University and AstraZeneca all showed a high level of efficacy in the late stages of trials. Meanwhile, Germany revealed its gross domestic product (GDP) grew by a record of 8.5% in the third quarter of the year. Traders will also keep an eye on several economic updates the European Central Bank (ECB) is to give later in the day.

The DAX traded 1.01% higher at the opening as Continental AG surged by 2.63%. The FTSE 100 rose by 0.27%, with the International Consolidated Airlines Group SA jumping 4.14%. The CAC 40 advanced by 1.03% as Renault SA went up by 2.60%.

The euro gained 0.08% to the dollar to sell for $1.18472 at 8:57 am CET. At the same time, the pound sterling increased by 0.16% against the United States' currency to exchange hands for $1.33391.

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Breaking the News / JR