LONDON — European stocks traded higher on Wednesday as market focus in the region remains firmly on the progress of post-Brexit trade deal talks between the EU and U.K.
The pan-European Stoxx 600 index made gains of 0.7% higher with all sectors in positive territory.
Market attention is focused on the state of Brexit talks this week. British Prime Minister Boris Johnson will head to Brussels later Wednesday in a last-ditch attempt to secure a Brexit trade deal. He will meet with European Commission President Ursula von der Leyen after negotiators failed to make significant progress when talks resumed on Monday.
Coronavirus vaccine optimism is also buoying market sentiment. The U.K. administered the first Covid-19 vaccines to the public on Tuesday, making it one of the first countries in the world to do so. The Pfizer-BioNTech shots gained emergency approval from the U.K. drug regulator last week and will be given first to frontline health workers, nursing home workers and those over age 80.
The U.K. rollout fueled optimism in other global markets; U.S. stock futures rose slightly in overnight trading on Tuesday, building on recent strength that's pushed the major averages to record highs.
The U.S. Food and Drug Administration (FDA) said Tuesday that data from Pfizer's coronavirus vaccine trials was consistent with recommendations put forth by the agency for an emergency use authorization. It also said the vaccine was highly effective and did not raise any specific safety concerns. The FDA is holding an advisory meeting Thursday to review Pfizer's vaccine.
In individual stocks news, Howden Joinery rose to the top of the Stoxx 600 after saying pre-tax profits for the year would likely beat expectations.
STMicro saw its shares slip 7%, to the bottom of the index, after the chipmaker said its postponing an annual sales target of $12 billion to 2023.
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- CNBC's Berkeley Lovelace Jr. contributed to this market report.
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European markets trade higher as focus remains on Brexit talks; STMicro falls 7% - CNBC
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