European stocks rally amid hopes for coronavirus vaccine development

European stocks rally amid hopes for coronavirus vaccine development

European stocks rally amid hopes for coronavirus vaccine development

(Reuters) – European stocks are recovering on Monday after weakening market sentiment due to a decline in the Wall Street tech sector last week, as investors closely monitor the development of a COVID-19 vaccine.

Australia expects to receive the first shipments of a potential COVID-19 vaccine in January, Prime Minister Scott Morrison said Monday.

Morrison said the country's government has struck a deal with CSL to produce two vaccines – one developed by AstraZeneca (LON: AZN) and the University of Oxford, and the other developed in CSL's own laboratories in conjunction with the University of Queensland.

AstraZeneca shares were up 1.3%. The health sector added 0.9%.

The pan-European STOXX 600 Index is up 0.78% at 10:29 GMT, while the German DAX Index is up 0.95%.

Insurance companies, banks and automakers gained more than 1% in early trading.

(Shreyashi Sanyal in Bangalore. Translated by Olga Vishnevskaya. Editor Anna Kozlova)

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