Europe open: Shares in cautious start as AstraZeneca/Oxford vaccine approved
European shares rose slightly at the opening on Wednesday, as the UK government approved the AstraZeneca/Oxford Covid-19 vaccine.
The pan-European Stoxx 600 index was up 0.13%, with the UK FTSE 100 flat and Germany’s DAX 0.19% higher. US futures indicated a positive start with the Dow Jones tipped to be 136 points higher after a weaker session on Tuesday.
Wall Street shares fell overnight as a rally sparked by President Donald Trump’s approval of a $900bn economic relief package ran out of steam.
Trump wants $2,000 relief checks for individuals but is being held up by Republicans who control the Senate and do not want people do get extra cash above the $600 payment approved last week.
Shares in AstraZeneca were up 0.75% after jumping 3.3% earlier ahead of the news of its vaccine approval by the UK Medicines and Healthcare products Regulatory Agency for emergency supply.
Unlike the Pfizer/BionTech vaccine, which was approved at the start of December and needs to be stored at -70C, the AstraZeneca vaccine can be stored, transported and handled at normal refrigerated conditions for at least six months, making the rollout much simpler.
The pharmaceuticals company said clinical trials had shown that administration of two doses with an interval of between four and 12 weeks was safe and effective at preventing symptomatic Covid-19, with no severe cases and no hospitalisations more than 14 days after the second dose.
AstraZeneca is aiming to supply millions of doses in the first quarter as part of an agreement with the government to supply up to 100m in total.