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The European market is growing after the release of strong statistics from Germany

Tue Nov 24, 2020
watermark Economic news

The European stock market opened higher on Tuesday amid enthusiasm for progress in the coronavirus vaccine and greater clarity over the outcome of the US presidential election. The strong recovery of the German economy also boosted the market.

In particular, the DAX in Germany added 0.95% to 13.251.05, the CAC 40 in France rose 1.32% to 5.564.44, and the British FTSE climbed 1.11% to 5.564.44.

The main driver of growth was progress in the search for a vaccine against COVID-19. AstraZeneca announced Monday that its vaccine candidate drug is 90% effective at certain doses. It became the third potential vaccine after similar positive news from Pfizer and Moderna.

Additional positive news comes to the market with news from the US. Emily Murphy, head of the Office of General Services, yesterday effectively named Joe Biden the winner of the presidential election, saying that Biden can now give briefings and receive funding.

Another stimulus for growth was the statistics from Germany, where GDP grew by 8.5% in Q3, recovering from a historical drop of 9.7% in the previous quarter. The recovery was mainly driven by higher household spending and a surge in exports.

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