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Vaccine Hopes Drive European Stocks Higher

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European shares jumped on Monday as encouraging developments around a coronavirus vaccine spurred bets of a faster economic revival globally, even as a surge in infection rates clouded nearterm outlook.

AstraZeneca said its COVID19 vaccine, developed along with the University of Oxford, could be around 90 effective under one dosing regimen. However, its shares dropped 1.

The panEuropean STOXX 600 index rose 0.5 by 0810 GMT and hit a fresh high since late February, with energy and banks leading early gains.

The benchmark index clocked a third straight week of gains on Friday following recent COVID19 vaccine breakthroughs.

Euro zone and UK business activity data for November are due later in the day, with investors looking to gauge the impact of the COVID19 pandemic on the manufacturing and services sectors.

In company news, French bank Credit Agricole jumped 3.9 after its Italian unit launched an offer to buy Italian bank Credito Valtellinese Creval.

Reporting by Shashank Nayar in Bengaluru; Editing by Shounak Dasgupta

Source Reuters

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