U.S.-China phone call pushes European shares up
Aderemi Ojekunle is a Businessamlive Reporter.
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European shares moved up by some notches on Tuesday, with market sentiment propped up by the United States and China saying they are still committed to their phase one trade deal and some increased optimism around COVID-19 vaccine development.
After the STOXX 600 saw its biggest daily gain in almost two weeks on Monday, the bullish mood continued throughout the New York and Asian sessions overnight.
Top U.S. and Chinese officials had a phone call in which they reaffirmed their commitment to the Phase One trade deal agreed in January, a positive sign after months of disputes over the COVID-19 pandemic, China’s national security law, and Chinese technology firms.
Market sentiment was also buoyed by a Financial Times report that the U.S. government was considering fast-tracking an experimental vaccine, developed by the University of Oxford and AstraZeneca, to make it ready before the November elections.
An AstraZeneca spokeswoman denied the company had considered an emergency-use authorization for its potential vaccine with the U.S.
European share indexes strengthened, with the STOXX 600 up 0.7% and London’s FTSE 100 up 0.2% at 1103 GMT.
The MSCI world equity index, which tracks shares in 49 countries, was up 0.2%. MSCI’s main European Index was up 0.8%.