A basket of European stock markets closed the day in positive territory on Friday with the pan-European regional benchmark STOXX 600 registering its third consecutive weekly gains as a surge in commodity-linked stocks helped overcome concerns of a second pandemic epidemic wave. .
On top of that, as US pharmaceutical maker Pfizer Inc. was due to file an application for US FDA clearance for its pandemic vaccine as early as Friday evening, European investors appeared to be looking beyond the final stage of the campaign. deadlock on a new US fiscal year. stimulus.
Apart from that, a media report released earlier today claiming that the European Commission had prepared to spend up to $ 10 billion on tens of millions of vaccines from Pfizer Inc. alongside Sinovac, had strengthened investor optimism about a downsizing. fiscal impact of the last stage of pandemic restrictions.
European stocks leap on rally in commodities stocks
In fact, it was commodity stocks that acted as a major market driver on Friday, as an increasingly intense gamble on pandemic vaccines from the end of December this year had boosted optimism in demand for industrial products such as petroleum, natural gas and copper, while the European oil and gas index rose 1.5% after successful vaccine trials from Pfizer Inc.
and Moderna with rising metal prices across the board following a persistent increase in demand from major consumers like China. Citing statistics, European markets rounded broadly higher on Friday with Italy’s FTSE MIB leading the region, while London’s FTSE 100 gained 0.27%, France’s CAC 40 rose 0.39% and the Frankfurt DAX climbed 0.39%.
Elsewhere in Europe, Italy’s FTSE MIB climbed 0.79% to 21,706.96 and Madrid’s IBEX 35 added 0.60% to 7,977.90, while STOXX 600 posted a weekly gain of 0. 70% at 389.35. Meanwhile, citing cautious optimism about European stock market gains, senior market analyst at IG Joshua Mahony said: “European markets are gradually gaining ground as vaccine hopes thwarted by US stimulus and lockdown fears. ”