Tue. Nov 29th, 2022

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European shares at 10-month highs

1 min read

Stocks

European shares remained at 10-month highs on Thursday, as hopes of more stimulus in the United States and potential COVID-19 vaccine rollouts in Europe strengthened the case for a global economic recovery.

Germany’s DAX climbed 1% to hit its highest since February, while the pan-European STOXX 600 index rose 0.5%, both extending gains to a fourth straight session.

Germany and France said they were set to begin inoculating their citizens with the Pfizer-BioNtech vaccine in the last week of December, once it is approved by the European Medicines Agency.

London’s FTSE 100 was up 0.3% with eyes on a Bank of England meeting later in the day. The bank is expected to keep policy unchanged, awaiting the fate of a trade deal ahead of Britain’s exit from the bloc by the year-end.

Shares of WPP Plc jumped 2.9% as the world’s biggest advertising firm said it expects to return to its 2019 level of net sales by 2022.

Novartis rose 0.8%, after the drugmaker said it would acquire U.S.-based neuroscience company Cadent for up to $770 million.

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