European shares slip after vaccine-driven rally
Reuters
Published Nov 17, 2020 08:23
(Reuters) - European stocks eased from eight-month highs on Tuesday as tighter coronavirus restrictions across the continent halted a market rally that was powered by encouraging COVID-19 vaccine updates.
The pan-European STOXX 600 index (STOXX) slipped 0.1% by 0808 GMT. It closed at it highest level since Feb. 27 on Monday after positive data from drugmaker Moderna 's (O:MRNA) COVID-19 vaccine.
Near-term economic outlook remains hazy, with Sweden moving to restrict the size of public gatherings as COVID-19 cases spike and a British medical adviser suggesting strengthening the three-tier system of restrictions when the full lockdown in England ends.
European banks (SX7P) retreated after a more than 3% surge. BBVA (MC:BBVA) fell 3.4% after it and smaller rival Sabadell (MC:SABE) said they were in talks to create Spain's second-biggest domestic lender by assets.
Oil and gas (SXEP) and travel (SXTP) stocks also slipped.
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Written By: Reuters
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