Investing.com - European stocks traded higher on Tuesday on better news from COVID-19 vaccine and strong manufacturing activity in China, signaling global recovery.
At 04:10 AM ET (09:10 GMT), Germany's DAX trades 1% higher, France's CAC 40 climbs 1.7%, and the UK's FTSE climbs 1%.
Moderna on Monday requested authorization for the coronavirus vaccine in both the US and Europe after full results from a final-stage study showed it was 94.1% effective and has no major safety concerns..
Meanwhile, on Tuesday morning, Caixin's China Manufacturing PMI showed that Chinese manufacturing activity, an important driver of global growth, grew at its fastest pace in a decade. The rebound in production in China boosted industrial metals, pushing London-listed copper mining company Antofagasta to a new 12-month high. Antofagasta shares are up 1.4%, and in the last month - 26%.
Economic data in Europe was also broadly positive, with Germany's unemployment rate falling to 6.1% in November, while the eurozone manufacturing PMI actually rose to 53.8.
The spread of the COVID-19 virus in several countries in the region appears to be waning, but the effects are still being felt.
Oil prices rallied on Tuesday, despite a Reuters report that an OPEC + meeting to discuss production levels was postponed until Thursday after Russia and the United Arab Emirates proposed a 500,000 bpd increase.
The group was expected to maintain the current production cap, rather than increasing it by 2 million barrels per day in January as previously agreed, given the current weak overall demand..
US crude oil futures rose 0.6% to $ 45.69 a barrel, while the international benchmark Brent crude rose 0.8% to $ 48.26. Both numbers rose 27% in November on hopes for three promising coronavirus vaccines.
Gold futures rose 0.8% to $ 1,795.70 an ounce after falling nearly 6% in November, the worst month in four years, while EUR / USD traded 0.4% higher to 1.197.
Written by Peter Nurse
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