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European shares climb on vaccine hopes, mixed earnings

Published 07/15/2020, 03:36 PM
Updated 07/15/2020, 03:40 PM
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 15 (Reuters) - European shares rebounded on Wednesday
from losses in the previous session, bolstered by positive
updates on a potential COVID-19 vaccine, while investors weighed
a mixed bag of quarterly reports at the start of earnings
season.
The pan-European STOXX 600 .STOXX rose 0.8% by 0720 GMT,
with travel & leisure .SXTP and miners .SXPP leading gains.
Market sentiment got a boost after U.S. biotech firm Moderna
Inc's MRNA.O experimental vaccine for COVID-19 showed it was
safe and provoked immune responses in an ongoing early-stage
study. Hopes were high among investors heading into a EU summit
later this week that leaders will agree on a recovery fund of
750 billion euros for pandemic-hammered economies. Swedish telecom operator Tele2 AB TEL2b.ST jumped 4.1% as
it reaffirmed its 2020 earnings outlook and plans for an extra
shareholder payout. Semiconductor equipment maker ASML Holding NV ASML.AS
slipped 1.3% despite forecasting overall growth for 2020.
British fashion brand Burberry BRBY.L dropped 5.1% as it
warned second-quarter revenue will remain impacted by the
pandemic.

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