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Energy stocks drive gains in European shares

European shares rose on Friday, with energy stocks lifting London's blue-chip index to nine-month highs, while BioNtech slid after Pfizer slashed the roll-out target of their COVID-19 vaccine. London FTSE 100 rose 0.5% as energy stocks gained after a compromise between OPEC+ members to continue some production cuts.

Reuters | Updated: 04-12-2020 13:48 IST | Created: 04-12-2020 13:48 IST
Energy stocks drive gains in European shares

European shares rose on Friday, with energy stocks lifting London's blue-chip index to nine-month highs, while BioNtech slid after Pfizer slashed the roll-out target of their COVID-19 vaccine.

London FTSE 100 rose 0.5% as energy stocks gained after a compromise between OPEC+ members to continue some production cuts. The pan-European STOXX 600 index was up 0.2%, while Germany's DAX underperformed and was trading flat.

Shares of Germany's BioNtech slid 4.4% after Pfizer said supply chain obstacles forced it to slash the 2020 production target of its COVID-19 vaccine developed with BioNtech by half. Meanwhile, data showed German industrial orders rose more than expected on the month in October, raising hopes the manufacturing sector in Europe's biggest economy started the fourth quarter on a solid footing.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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