European stocks are expected to open lower Thursday as a rally prompted by positive vaccine news starts to peter out amid renewed fears of shutdowns due to rising coronavirus cases.
London’s FTSE is seen 65 points lower at 6,322, Germany’s DAX is seen 124 points lower at 13,075, France’s CAC 40 down 42 points at 5,469 and Italy’s FTSE MIB 121 points lower at 21,445, according to IG.
European stocks had closed higher on Wednesday as investors weighed up positive coronavirus vaccine announcements and the ongoing spread of the virus. Pfizer said Wednesday that final analysis had shown its vaccine was 95% effective and would be submitted to the U.S. Food and Drug Administration (FDA) for approval within days.
Meanwhile, the U.S. trading session on Wednesday finished on a sour note due to mixed news about the coronavirus crisis. Despite Pfizer’s positive news, New York City announced during the afternoon that it was closing schools due to a rising positivity rate.