European stocks opened higher on Tuesday, chasing Monday’s momentum from Wall Street as concerns continue over the rollout of COVID-19 vaccines across the continent.
The pan-European Stoxx 600 SXXP,
Dow futures YM00,
Broad worries about the rollout of COVID-19 vaccines in Europe persisted into Tuesday, after contributing to driving down European stocks on Monday as the Dow DJIA,
“It seems likely that last night’s late U.S. rebound is likely to aid into a modestly positive start for markets here in Europe later,” said Michael Hewson, an analyst at CMC Markets.
“One positive sign among all the jitters is that the EuroStoxx600 Travel and Leisure index has recovered all of its post pandemic losses, posting a record high yesterday, although the airline stocks have lagged behind those of the better performers in that particular sector, which have been the gaming companies,” Hewson added.
The latest inoculation worries center on the vaccine developed by AstraZeneca and Oxford University. Germany, France, Italy, Spain, and the Netherlands joined countries across Europe on Monday, pausing the use of the vaccine following concerns that it could contribute to blood clots.
The World Health Organization and the European Medicines Agency maintain that the vaccine is safe. It continues to be used in the U.K., where it has been distributed to more than 10 million people with no evidence of related serious adverse events, according to the WHO.
“The problems are also likely to delay the timeline of an economic reopening across Europe, as the vaccination program sees vaccine shortages get more acute, with the result that more people are likely to become infected, and possibly die,” Hewson said.
Shares in German auto giant Volkswagen VOW,
Shares in Varta VAR1,
Credit Suisse CSGN,
Shares in NatWest NWG,