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European shares start December on a high; Omicron impact in focus

European shares start December on a high; Omicron impact in focus

01 Dec 2021

European stocks rose on Wednesday as bargain hunters returned after a rough November, although investors remained concerned whether the Omicron variant will upend economic activity in the winter months.

The pan-European STOXX 600 rose 0.8% as of 0816 GMT, tracking gains in Asian shares and U.S. futures after a sharp selloff in the previous session. [MKTS/GLOB]

Miners added 2% after copper prices rebounded on easing concerns about the new variant, while oil stocks jumped 2.1% as crude prices gained ahead of an OPEC meeting where major producers will discuss how to respond to potentially lower demand against the backdrop of Omicron. [MET/L] [O/R]

European Union could greenlight COVID-19 vaccines tailored to target the new variant in three to four months, the region’s drug regulator chief Emer Cooke said on Tuesday, adding that existing shots would continue to provide protection.

Among companies, Husqvarna, the world’s biggest maker of power gardening tools, rose 3.5% after it raised its overall financial targets and growth ambitions for robotic lawn mowers and other battery-powered products.

The FTSE MIB climbed up by 1.24% to 26,128.20. In the cash markets, the DAX  Germany was trading  up by 1.20%  to 15,280.65. CAC 40  in France  up by 0.94% to 6,782.37 while the FTSE 100  in the U.K. was  up by1.36% to 7,154.35 ,at the time of writing.