European stocks are expected to see a lackluster open on Wednesday as a global market rally falters following a spate of positive coronavirus vaccine news.
London’s FTSE is seen opening 9 points lower at 6,352, Germany’s DAX 5 points lower at 13,120 and France’s CAC 40 up 3 points at 5,486, while Italy’s FTSE MIB is seen 40 points lower at 21,400, according to IG.
The stall in global markets began on Tuesday, with European stocks closing lower despite the backdrop of more positive coronavirus vaccine news from Moderna, which announced on Monday that preliminary data showed its coronavirus vaccine was more than 94% effective at preventing Covid-19. That news had come after Pfizer and BioNTech’s vaccine candidate was found to be more than 90% effective.
Elsewhere, U.S. stock futures were little changed in overnight trading Tuesday as investors digested the recent record rally in equities. Dow futures fell 21 points. Futures for the S&P 500 and Nasdaq-100 also edged down marginally.