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LONDON – European stocks traded higher on Wednesday as growing political certainty in the United States and positive news about the coronavirus vaccine bolsters global sentiment.
The pan-European Stoxx 600 index was trading 1% higher with most sectors in positive territory except insurance, autos, basic resources and chemicals.
The positive news about the coronavirus vaccine and the emergence of political certainty in the United States has prompted global stock markets to rally.
Asia-Pacific stocks mostly rose in Wednesday’s trading after a record session on Wall Street on Tuesday. U.S. equity futures rose on Tuesday night after a record day for three of the market’s major benchmarks. Dow Jones Industrial Average futures traded 132 points higher, or 0.4%. S&P 500 futures were up 0.4% and Nasdaq 100 futures were up 0.6%.
The Dow Jones broke 30,000 for the first time on Tuesday, scoring over 400 points. Tuesday’s rally put the Dow on pace with its biggest monthly gain since 1987, up more than 13%.
Outgoing President Donald Trump came briefly to a press conference on Tuesday to praise the Dow’s 30,000 defeats for the first time, but left after a minute without answering questions. His appearance came after his administration took an important step towards transitioning to the presidency from Joe Biden.
President-elect Joe Biden on Tuesday presented his candidates for high-level positions in the field of national security, saying they “will restore America to the world, its global leadership and its moral leadership.”
A more certain political outlook supported markets, as did more positive vaccine news earlier this week; British pharmaceutical giant AstraZeneca said an initial analysis showed its vaccine candidate to have an average effectiveness of 70%, adding to the positive vaccine news from Pfizer and Moderna.
The income comes from the Maersk group on Wednesday; there is no major data release.
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– CNBC’s Fred Imbert and Kevin Breuninger contributed to this report.
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