European markets were gaining ground on Tuesday, with the tech industry leading the way as worries about new coronavirus Omicron strain receded amid reports that the new mutation does not appear to be more dangerous than the world-dominated Delta.
In new statements, the leading US epidemiologist, Dr. Anthony Fauci appeared optimistic, although he reiterated that we should wait for the picture to become even clearer in the coming weeks.
In particular, o Fauci told the French Agency today that it is “almost certain” that the Omicron variant does not cause more serious disease than the Delta, although he added that people will have to wait “at least two more weeks” to see if this variant proves to be less dangerous than the Delta.
On the board, the pan-European STOXX 600 gained 2.45% to 480.18 points, recording its best session since last November and returning to the levels that were before the concerns about the Omicron executive.
Tech shares jumped 5.6% after Monday’s seven-week low.
The German DAX strengthened by 2.8% to 15,813.94 points with the automakers recording a rally. Porsche and Volkswagen shares jumped more than 8% in the wake of reports that the Porsche and Piech families, which control Volkswagen’s largest shareholder, are considering selling a stake in VW and using the proceeds to buy a significant number of Porsche shares.
The French CAC 40 jumped 2.9% to 7,065.39 points, while the British FTSE 100 gained 1.5% to 7,339.90 points, climbing to a three-week high.
In the region, the Italian FTSE MIB index strengthened by 2.4%, while the Spanish IBEX 35 rose 1.4%.
Macro’s day, German industrial production rose in October, despite supply chain problems. Total industrial production rose 2.8% month-on-month in October in calendar-adjusted terms, according to Destatis.
Economic expectations in Germany fell in December due to the worsening pandemic, according to the ZEW economic research institute. The economic expectations index fell to 29.9 points in December from 31.7 points in November. Estimates spoke of 25 points.
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