European Shares Hover at EightMonth Highs

European shares hovered at eightmonth highs on Tuesday on optimism around signs of a breakthrough in developing a COVID19 vaccine, although concerns about the depth of the economic damage from the pandemic capped gains.

The panEuropean STOXX 600 was flat after rallying 4 in the previous session as U.S. drugmaker Pfizer Inc said its COVID19 vaccine, developed with German partner BioNTech SE, was more than 90 effective in preventing the infection.

The results of the Pfizer study are certainly welcome news, however, one swallow does not make a summer and there still remains some way to go before life can return to any semblance of normal, said Michael Hewson, a market analyst at CMC Markets UK.

European shares have already surged 11 this month as investors also cheered the possibility of calmer global trade under U.S. Presidentelect Joe Biden, but strict lockdowns to contain surging coronavirus cases have threatened a nascent economic recovery at home.

Data on Tuesday showed British employers made a record number of staff redundant in the third quarter and the jobless rate jumped. London39;s exportladen FTSE 100 was up 0.6 by 0835 GMT.

Italy39;s bourse added 0.1 a day after posting its best day since March. The country is ramping up business restrictions in Tuscany and four other regions to rein in the second wave of the pandemic.

Banking travel and leisure and energy stocks were among the biggest gainers in morning trading after clocking gains of more than 7 on…

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