European Stocks Continue to Recover

European shares continued to recover on Tuesday, August 24, after a full US approval of a vaccine to prevent Covid-19 boosted Wall Street to record highs, while the latest data showed a stronger-than-expected economic recovery in Germany.

The STOXX 600 index of European shares rose 0.3% by 07:11 GMT, after tumbling about 3% from its record levels last week due to sales.

Travel, leisure, technology, and mining stocks were the biggest gainers, rising between 0.9 and 1.2%.

The Nasdaq index on Wall Street recorded the highest closing level ever after the US Food and Drug Administration granted its full approval to use the Pfizer-BioNTech vaccine in a move that may accelerate the pace of vaccinations in the United States.

Meanwhile, German GDP growth data showed 1.6% in the April-June quarter, slightly above an earlier estimate of 1.5% growth, helped by private consumption and state spending.
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Marks & Spencer Group’s share increased by about 3.1%, and was the biggest gainer on the STOXX 600 index after Berenberg and Credit Suisse raised the target price for the company’s shares.