European shares extend rally on vaccine cheer

FAN Editor

November 11, 2020

(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.

(Reporting by Shashank Nayar in Bengaluru; editing by Uttaresh.V)

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