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Monday,16 November 2020 at 17:06

UK and European stocks closed higher as hopes for a coronavirus vaccine were further boosted by positive news from Moderna.

The pound and the euro gained from signs that Britain and the European Union could make progress negotiating a post-Brexit trade deal.

Oil prices climbed as hopes that OPEC+ will hold current output curbs offset concerns about weaker fuel demand and higher production from Libya.

Gold pared losses as investors weighed immediate concerns over rising coronavirus cases and bets on further economic support even as Moderna became the second drugmaker to declare effective COVID-19 vaccine test results.

In corporate news, investors cheered news that a Covid-19 vaccine by Moderna has been shown to be 95% effective. IAG, Rolls-Royce, Melrose, Whitbread and InterContinental all rallied on the news.

Markets
At the close
FTSE 100 6,421 +1.66%
FTSE 250 19,608 +1.75%
DAX 13,138 +0.47%
At 16:50
Dow Jones 29,933 +1.54%
S&P 500 3,623 +1.06%
NASDAQ 11,899 +0.59%
Fixed Income
UK 10-YR YIELD 0.35
Exchange Rates
GBP/USD 1.319
GBP/EUR 1.113
Commodities
Gold $1,895 +0.78%
Brent $44.12 +2.04%
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.
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