European stocks post best-ever month on Covid-19 vaccine optimism

European stocks post best-ever month on Covid-19 vaccine optimism

LONDON — European stocks closed out November to post their best monthly gain on record, fueled by positive news on coronavirus vaccines.

The pan-European Stoxx 600 ended the day down by 0.6% provisionally, but was still up over 14% on the month, enjoying its best month since records began in 1986. Airline stocks in the region were up more than 45% month-to-date, according to Refinitiv data, also logging their best ever month.

Stateside, stock fell sharply on Monday as investors cashed in some of the historically strong gains logged in November.

Back in Europe, talks between the U.K. and the European Union are heading into a “very significant” week, British Foreign Minister Dominic Raab said Sunday, with time running out for the two sides to iron out lingering disagreements over their post-Brexit trading relationship.

In vaccine news, Moderna said Monday that it will request emergency clearance from the Food and Drug Administration for its Covid-19 vaccine after new data confirmed it was more than 94% effective in preventing infections and was safe.

In terms of individual share price action, German manufacturer Kion Group jumped 7% after announcing a capital increase.

British sports retailer JD Sports climbed nearly 6% after reports that the company is backing away from a deal to take over struggling department store Debenhams.

At the bottom of the European blue chip index, Dutch lender ABN Amro fell around 9% after announcing that it will cut almost 3,000 jobs by 2024 in an effort to make cost savings.

– CNBC’s Ryan Browne contributed to this report.

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