With gains of more than 1.5%, the European markets were welcomed in December

Euro markets were gaining ground in December on Wednesday, reacting to yesterday’s losses amid concerns about the coronavirus Omicron variant and the possibility that the new mutation could escape the protection offered by existing vaccines.

In particular, the pan-European Stoxx 600 recorded a rise of 1.71% to 470.86 points, with the travel and leisure sector and the automotive sector “jumping” more than 3%. At the same time, the other pan-European Stoxx 50 gained 2.86% to 4,179.15 points.

On the rest of the board, the German DAX added 2.47% to 15,472.67 points, the British FTSE 100 strengthened by 1.55% to 7,168.68 points and the French CAC-40 closed at 6,881.87 points with an increase of 2.39%.

In the periphery, the Spanish IBEX-45 gained 1.78% to 8,452.60 points and the Italian FTSE MIB added 2.16% to 26,371.92 points.

Markets are waiting for scientists to hear more details about how the new mutation reacts to existing vaccines and treatments. The World Health Organization has announced that it will take several weeks to form a clear picture of the protection that vaccines offer against the new mutation.

It is recalled that the European markets fell yesterday after the comments of the CEO of Moderna, Stephane Bancel, who told the Financial Times that he expects the vaccines to be less effective against Omicron. He also told CNBC on Monday that it could take months to develop and distribute a vaccine specifically targeting Omicron.

The latter also attracted the investment attention forecasts of the Organization for Economic Co-operation and Development (OECD) on the course of development in the Eurozone.

In its report on the global economic outlook, the Agency places growth at 5.2% in 2021, 4.3% in 2022 and 2.5% in 2023 compared to the previous forecast of 5.3% in 2021 and 4, 6% in 2022.

The main risk to the outlook for the global economy, the agency warns, is that the current rally in inflation will last longer than expected, with prices exceeding estimates.

Meanwhile, at the macro of the day, the development of manufacturing in the euro area accelerated slightly last month, but logistics problems worsened, paving the way for production and driving up raw material costs at the fastest pace in two decades.

The problems caused by the pandemic, along with the lack of truck drivers, has led to a shortage of production and left factories struggling to find the materials they need to produce goods.

However, manufacturing PMI in the eurozone rose to 58.4 points in November from 58.3 points in October, marginally lower than initially estimated at 58.6 points.

The index that measures production, and is considered a good driver for financial health, rose to 53.8 points from 53.3 points in October.

Meanwhile, more British manufacturing entrepreneurs more than any other time in the last 30 years, they reported cost increases last month, according to an IHS Markit survey, which underscores pressure on the Bank of England to raise interest rates.

The IHS Markit manufacturing index rose to 58.1 points in November from 57.8 points in October.