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Europe: Stocks jump on vaccine hopes, Democrats on cusp of Senate victory

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[BENGALURU] European stocks jumped on Wednesday after a second Covid-19 vaccine won regulatory approval in the region, while bets rose for bigger US fiscal stimulus as Democrats closed in on a Senate victory. Read more at The Business Times.

Oil majors BP, Royal Dutch Shell and Total rose almost 6.5 per cent as crude prices hit their highest since February 2020 following Saudi Arabia's pledge to cut output in a meeting with allied producers.

Construction & material stocks such as CRH and HeidelbergCement also outperformed on hopes of more infrastructure spending under a Democrat-controlled Senate. Meanwhile, IHS Markit's survey showed economic activity in the euro zone contracted more sharply than thought at the end of 2020 and could get worse as renewed lockdowns hit the bloc's dominant service industry.

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