Covid vaccine and Biden win in focus

LONDON — European stocks fluctuated Tuesday morning, after the previous session’s rally on hopes an effective coronavirus vaccine has been found.

The pan-European Stoxx 600 bounced either side of the flatline in early trade, tech stocks dropping 2.2% while banks added 2.9% as signs of a rotation from growth to value emerged.

The open comes following a rally in global stock markets on Monday, after U.S pharmaceutical giant Pfizer and German biotech firm BioNTech said their coronavirus vaccine was more than 90% effective in preventing Covid-19 among those without evidence of prior infection.

The news prompted global markets — that had already been trading higher Monday as investors reacted to Joe Biden’s defeat of Donald Trump in the U.S. presidential race, according to NBC projections — to rocket.

U.S. stock futures were also turbulent in early morning trading on Tuesday following the record-setting rally in the previous session. Futures on the Dow Jones Industrial Average edged 59 points higher having previously fallen by more than 200 points. S&P 500 futures and Nasdaq 100 futures also traded in fractionally positive territory.

Meanwhile, markets in Asia-Pacific were mixed during Tuesday trade while airline stocks soared as investors in the region reacted to positive coronavirus vaccine developments overnight.

Adidas on Tuesday offered a cautious outlook for sales and operating profit in the fourth quarter amid a resurgence of the coronavirus pandemic across Europe. However, the German sportswear brand said it expects growth in Chinese sales and reported third-quarter earnings slightly above expectations.

In terms of individual share price action, mall operator URW saw its shares bounce more than 34% after shareholders rejected a planned rights issue.

At the bottom of the European blue chip index, Dialog Semiconductor shares fell more than 8%.

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