European stocks hit one-month high with fears reduced by Ômicron

The European stock market hit a one-month high on Thursday, led by gains in bank stocks as signs that the impact of the Ômicron variant may be less severe than feared led to an improvement in risk appetite.

The pan-European STOXX 600 index closed up 0.97% to 483.01 points, marking the third straight session of gains, boosted by banking and travel stocks and following global rally helped also by strong US economic data .

Two vaccine makers said their immunizers protect against Ômicron and data from the UK suggest it may cause proportionately fewer hospitalizations than the Delta strain of coronavirus, although public health experts warn the battle against Covid-19 is far from over. end.

“The Ômicron wave will not harm the ongoing economic recovery. It may delay it, but 2022 will have an attractive and healthy economic environment,” said Philip Petursson, chief investment strategist at IG Wealth Management.

European government bond yields rose for the fourth session in a row as Treasuries rates advanced to two-week highs as risk sentiment returned to the market reducing the need for debt security and helping to lift bank stocks.

The STOXX 600 is on track to rise about 21% this year, against a 26% gain for the S&P 500 and just 1.5% from its record highs.

• In London, the Financial Times index advanced 0.43%, to 7,373.34 points.
• In Frankfurt, the DAX index rose 1.04% to 15,756.31 points.
• In Paris, the CAC-40 index gained 0.77% to 7,106.15 points.
• In Milan, the Ftse/Mib index appreciated by 0.70%, to 27,016.22 points.
• In Madrid, the Ibex-35 index rose 1.24%, to 8,563.70 points.
• In Lisbon, the PSI20 index grew 0.98%, to 5,513.33 points.