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European Stocks Close in Green Amid Hopes for Recovery

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Last updated: 03/30/2021 12:27:24

12:27 PM EDT, 03/30/2021 (MT Newswires) -- European stocks closed higher on Tuesday amid hopes for an economic recovery as investors ignored concerns surrounding the impact of a default by US hedge fund Archegos Capital and also looked forward to the upcoming stimulus announcement by US President Joe Biden.

The European Stoxx 600 was up 0.8%, and the FTSE 100 was up 0.5%. The German DAX rose, 1.3% and the French CAC 40 was up 1.2%. The Swiss Market Index was 0.3% higher.

Britons will not see any easing up of international travel bans when it comes to visiting family abroad during the Easter holidays, Prime Minister Boris Johnson said in a press conference. Johnson said the UK government has to do "as much as we can to prevent the virus coming back in from abroad and new variants coming in from abroad."

The euro area's economic sentiment indicator rose to 101 in March from 93.4 in February, exceeding its long-term average, the European Commission said. The latest reading beat the estimated increase to 96. In the European Union, the economic sentiment indicator grew 6.9 points to 100 driven by improving confidence in all surveyed business sectors.

The eurozone consumer confidence improved four points month over month to negative 10.8 in March, the European Commission. The reading was in line with market expectations.

Among individual stocks, BioNTech (22UA.F, BNTX) was up over 7% after it swung to a profit in 2020 and raised its COVID-19 vaccine manufacturing target in partnership with Pfizer (PFE) for 2021 to up to 2.5 billion doses to meet increased demand.

The German biotechnology company said profit attributable to shareholders was 15.2 million euros ($17.8 million), compared with a loss of 179.1 million euros in 2019. Per-share earnings were 0.06 euro, against a loss per share of 0.85 euro. The company said revenue was estimated to be 482.3 million euros, up from 108.6 million euros a year earlier, with commercial revenue comprising an estimated 188.5 million euros of gross profit from COVID-19 vaccine sales.

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