Europe Markets

European markets close higher, following global trend; UniCredit down 8%

Share
Key Points
  • British serviced officer provider IWG rose almost 9% while housebuilder Taylor Wimpey was up around 8%.
  • Italian lender UniCredit fell 8% following the announcement that CEO Jean Pierre Mustier will step down in April.

LONDON — European stocks closed higher on Tuesday, starting off the last month of the year on a positive note.

The pan-European Stoxx 600 closed up by 0.8% provisionally, with basic resources adding 3.6% to lead gains as almost all sectors and major bourses advanced. Health care stocks edged 0.2% lower.

European markets clocked record gains during November. And on Tuesday, they followed a buoyant mood set by their U.S. and Asia-Pacific counterparts; U.S. stocks rose after the major averages also notched sharp monthly gains for November.

U.S. pharmaceutical giant Pfizer and its German partner BioNTech said they have applied to the European Medicines Agency for the conditional marketing authorization of their coronavirus vaccine. If approved, immunizations could be available in Europe this month.

The Organization for Economic Cooperation and Development (OECD) on Tuesday lifted its global economic outlook. The 37-member organization now expects the global economy to build momentum over the coming two years, with real gross domestic product growth projected to reach pre-pandemic levels by the end of 2021.

On Tuesday, oil-producing group OPEC and its non-OPEC allies led by Russia (an alliance known as OPEC+) had been due to hold a meeting on their joint oil producing policy. But OPEC+ delayed talks on output policy for next year until Thursday, three sources told Reuters, as key players are still in disagreement on how much oil they should pump amid weak demand, the news agency said.

On the data front, euro zone inflation remained in negative territory for the fourth consecutive month in November, strengthening the case for further stimulus from the European Central Bank in December.

In terms of individual share price movement, British serviced officer provider IWG rose almost 9% while housebuilder Taylor Wimpey was up around 8%.

Italian lender UniCredit fell 8% following the announcement that CEO Jean Pierre Mustier will step down in April.