A basket of European bourses had winded down Friday’s market with solid gains over optimisms that a pandemic vaccine could be available as early as by late-November, while a raft of upbeat earnings’ report had also aided to European investors’ cause, lifting sentiments after a stormy week.
In point of fact, Friday’s gains in a majority of European stock exchanges were almost entirely prodded by a Pfizer Inc. statement, while the American multinational drugmaker had been quoted saying earlier in the day that it could file for a US authorization of its pandemic vaccine, which it had been developing with its German peer BioNTech, as early as by late-November.
Aside from that, while BoE (Bank of England) had also asked its regional lenders last week whether they had been prepared for a negative interest rate, propping up the investors’ morale, ECB Council member Knot was quoted saying over the weekend that the European Central Bank might hold on to a negative depository rate for years, eventually cementing the way towards streamlining more liquidities into the European money markets over the coming weeks, suggested analysts.
European shares end higher, but report first weekly decline in three
Apart from that, although the Pfizer Inc. had stoked the global money markets higher in alignment with a number of European stock indices which had experienced a torrid week, the regional pan-European STOXX 600 had reported its first weekly percentage decline since late-September despite an intra-session gain of 1.3 per cent on Friday.
Quoting statistics, on the day’s European market closure, a slew of European stock indices had wrapped up the day sharply higher with French CAC 40 leading the tally of the gains, while London’s FTSE 100 surged 1.49 per cent to 5,919.58, Frankfurt’s DAX rose 1.62 per cent to 12,908.99 and French CAC 40 gained as much as 2.03 per cent to round off the day at 4,935.86.
Elsewhere in the Europe, Italy’s FTSE MIB soared 1.70 per cent to 19,389.68, while Madrid’s benchmark IBEX 35 added 0.48 per cent to 6,849.70. Besides, while a pandemic resurgence in a number of European countries had forced them to re-impose pandemic restrictions, battering the beaten-down investors’ morale further, citing an uncertain outlook for the European shares over the coming weeks, a market analyst at CMC Markets UK, Michael Hewson said, “This raises the very real fear that what is a stop-gap measure actually turns out to be something slightly longer term, which could see the collapse of hundreds of businesses. ”