European stocks were mixed on Wednesday after two days of strong gains amid easing concerns about Omicron Covid-19 variant.
Investors weighed the effectiveness of existing vaccines, with South African scientists warning the variant cut significantly the antibody protection generated by the Pfizer and BioNTech vaccine.
Geopolitical tensions also remained on investors’ radar amid rising tensions between the United States and Russia regarding Ukraine.
The pan European Stoxx 600 was up 0.1 percent at 480.74 after climbing 2.5 percent the previous day.
The German DAX dipped 0.3 percent as Olaf Scholz was formally voted in as Chancellor, bringing the curtain down on Angela Merkel’s 16-year term.
France’s CAC 40 was marginally lower while the U.K.’s FTSE 100 was up around 0.3 percent.
Chipmakers Infineon Technologies and STMicroelectronics dropped 3.9 percent and 1.3 percent, respectively after Morgan Stanley downgraded its ratings on the stocks.
L’Oreal rose over 1 percent in Paris. Swiss firm Nestle said it would cut its stake in the French cosmetics brand by selling shares worth 8.9 billion euros ($10 billion) to about 20 percent. Nestle shares advanced 1.4 percent.
TUI AG tumbled 4.2 percent after the travel operator posted an annual loss of over 2 billion euros ($2.26 billion).
BioNTech, which makes Covid-19 vaccines with Pfizer, lost 4.7 percent after a study showed that the Omicron variant can partially evade protection from two doses of their Covid-19 vaccine.
Meal-kit company Hellofresh gave up 6.3 percent after saying it expects 2022 earnings below expectations.
Stagecoach rallied 2.2 percent after the British transport group reported an increase in its operating profit from £16.1m to £32.9m year-on-year.
Berkeley Group Holdings, which operates mainly in London, Birmingham and the South of England, surged 4.6 percent after raising its profit outlook.
Investment manager Man Group soared 5.5 percent after announcing it intends to buy back shares worth up to $250 million.
Business News
European Shares Mixed After Two-day Rally
2021-12-08 10:06:03
