European shares climb on vaccine hopes, mixed earnings

Credit: REUTERS/KAI PFAFFENBACH

European shares rebounded on Wednesday from losses in the previous session, bolstered by positive updates on a potential COVID-19 vaccine, while investors weighed a mixed bag of quarterly reports at the start of earnings season.

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July 15 (Reuters) - European shares rebounded on Wednesday from losses in the previous session, bolstered by positive updates on a potential COVID-19 vaccine, while investors weighed a mixed bag of quarterly reports at the start of earnings season.

The pan-European STOXX 600 .STOXX rose 0.8% by 0720 GMT, with travel & leisure .SXTP and miners .SXPP leading gains.

Market sentiment got a boost after U.S. biotech firm Moderna Inc's MRNA.O experimental vaccine for COVID-19 showed it was safe and provoked immune responses in an ongoing early-stage study.

Hopes were high among investors heading into a EU summit later this week that leaders will agree on a recovery fund of 750 billion euros for pandemic-hammered economies.

Swedish telecom operator Tele2 AB TEL2b.ST jumped 4.1% as it reaffirmed its 2020 earnings outlook and plans for an extra shareholder payout.

Semiconductor equipment maker ASML Holding NV ASML.AS slipped 1.3% despite forecasting overall growth for 2020.

British fashion brand Burberry BRBY.L dropped 5.1% as it warned second-quarter revenue will remain impacted by the pandemic.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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