European markets opened in the green on Monday after Sanofi and GSK revealed that their jointly developed coronavirus vaccine’s interim Phase two trial results were optimistic.
The CAC 40 advanced 0.19% at 9:00 am CET with Carrefour gaining 1.03% at 9:03 am CET.
European stocks were choppy on Monday morning as global investors weighed concerns over a rise in inflation and an increase in coronavirus cases, largely attributed to the spread of a variant that emerged in India.
The pan-European Stoxx 600 hovered fractionally below the flatline in early trade, with autos adding 0.7% while travel and leisure stocks dropped 0.7%.
European markets are following lackluster sentiment elsewhere. U.S. stock futures slipped slightly in early premarket trade on Monday following last week’s sell-off triggered by inflation jitters. Markets in Asia-Pacific were mixed as investors monitored Chinese economic data and Covid cases in countries such as Taiwan.
Data last week showed the Consumer Price Index jumped 4.2% from a year earlier in April, the fastest rate since 2008, which intensified fears that the Federal Reserve could be forced to start tapering its easy monetary policy if higher price pressures are sustained.
The Fed’s minutes from its last meeting, which will be released Wednesday, could offer some clues on policymakers’ thinking on inflation.
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