Tuesday, 1 Dec 2020

European shares extend rally on vaccine cheer

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 10, 2020. REUTERS/Staff

(Reuters) – European shares rose for a third straight session on Wednesday as optimism around a COVID-19 vaccine overshadowed concerns about the economic damage from a second wave of coronavirus infections across the continent.

The pan-European STOXX 600 .STOXX gained 0.4%, building on a 5% rally this week, as investors bought into banks .SX7P and travel-related stocks .SXTP, both sectors that have widely underperformed this year.

Technology stocks .SX8P, which have tracked a surge in their U.S. counterparts since the coronavirus-driven crash in March, fell 0.5%.

Dutch bank ABN Amro ABNd.AS dropped 3.4% even after it beat analysts’ expectations, while German auto supplier Continental CONG.DE slid 1.6% as it warned of further restructuring expenses in the fourth quarter.

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