European Shares Slip after VaccineDriven Rally

Nov 17 Reuters European stocks eased from eightmonth highs on Tuesday as tighter coronavirus restrictions across the continent halted a market rally that was powered by encouraging COVID19 vaccine updates.

The panEuropean STOXX 600 index slipped 0.1 by 0808 GMT. It closed at it highest level since Feb. 27 on Monday after positive data from drugmaker Modernas COVID19 vaccine.

Nearterm economic outlook remains hazy, with Sweden moving to restrict the size of public gatherings as COVID19 cases spike and a British medical adviser suggesting strengthening the threetier system of restrictions when the full lockdown in England ends.

European banks retreated after a more than 3 surge. BBVA fell 3.4 after it and smaller rival Sabadell said they were in talks to create Spains secondbiggest domestic lender by assets.

Oil and gas and travel stocks also slipped.

Reporting by Sruthi Shankar in Bengaluru; Editing by Anil DSilva

Source Reuters

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