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European shares bounce back, focus shifts to ECB meeting

European shares bounced back on Wednesday, on the eve of the European Central Bank’s policy meeting, as AstraZeneca reversed declines after a report that it may resume its COVID-19 vaccine trial next week.

(Reuters) –

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 9, 2020. REUTERS/Staff

AstraZeneca Plc AZN.L had to pause global trials of its experimental vaccine after an unexplained illness in a participant. But its shares rebounded from small declines earlier in the session to inch 0.5% higher after the Financial Times report.

“Given how brash the markets have been around any vaccine updates, this understanding that delays in the process aren’t necessarily cause for concern is a surprising acknowledgement of nuance,” said Connor Campbell, financial analyst at spread better Spreadex.

The pan-European STOXX 600 index .STOXX rose 1.6%, with telecoms .SXKP, insurers .SXIP and technology stocks .SX8P leading sectoral advances.

Travel and leisure stocks .SXTP were the laggards with a 0.9% fall.

The British airline easyJet EZJ.L fell 2.1%, a day after reducing its flying schedule as frequent changes in government travel restrictions hit demand.

Fellow airlines Ryanair RYA.I and IAG ICAG.L and cruise operator Carnival CCL.L fell between 3.5% and 6%.

The plane manufacturer Airbus AIR.PA…

Shreyashi Sanyal

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