European Stocks Seen Mixed; J&J Vaccine News in Focus By

European Stocks Seen Mixed; J&J Vaccine News in Focus By

© Reuters.

By Peter Nurse – European stock markets are seen opening mixed Tuesday, with investors having to sift through the conflicting impulses of strong Chinese export data and a setback in the progress towards a Covid-19 vaccine.

At 2:05 AM ET (0605 GMT), the contract in Germany traded 0.2% hlower, in France were flat, while the contract in the U.K. rose 0.2%. 

Earlier Tuesday, official data showed that grew at a slightly faster rate in September, up 9.9% on the year last month, compared with a 9.5% increase in August. This marks a fourth straight month of gains, suggesting that a global economic recovery is underway.

European economic news was less impressive, with falling in September, confirming preliminary data, and the climbing to 4.5% in August, higher than expected.

Also weighing was the news late Monday that Johnson & Johnson (NYSE:) paused its Covid-19 vaccine candidate clinical trials due to an unexplained illness in a study participant.

J&J’s move follows a similar one by AstraZeneca (NYSE:), which paused late-stage trials of its experimental coronavirus vaccine, developed with the University of Oxford, in September. Although clinical trials have resumed in the U.K. and a number of other countries, AstraZeneca’s trials have yet to resume in the U.S.

This news resonates as a number of European countries have posted record increases of Covid-19 cases in recent days. Authorities have been wary of reviving stringent national lockdowns, opting instead for localized measures such as those imposed in parts of the U.K. on Monday.

Wall Street closed with strong gains Monday amid confidence that a clear-cut election victory for Democratic candidate Joe Biden – implicit in most of the recent polls –  will pave the way for a comprehensive recovery package in January. .

In corporate news, Roche (SIX:) may be in the spotlight after announcing Tuesday plans to launch a high-volume antigen test to diagnose coronavirus infections.

Additionally, Nestle’s (SIX:) $2 billion offer to gain full ownership of Aimmune Therapeutics (NASDAQ:) has been approved by Aimmune’s shareholders, providing Nestle with the first U.S.-approved peanut allergy treatment.

Oil prices pushed higher Tuesday, recovering after losses of just under 3% during the previous session, but excess output continues to plague the market along with ever-rising Covid-19 numbers hurting global demand.

A slow economic recovery from the pandemic threatens to delay a full rebound in world energy demand to 2025, the International Energy Agency said on Tuesday.

futures traded 0.9% higher at $39.80 a barrel, while the international benchmark contract rose 0.9% to $42.11.

Elsewhere, fell 0.5% to $1,919.50/oz, while traded 0.1% lower at 1.1796.

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