Vaccine hopes drive European stocks higher again

Rising hopes of a vaccine drove European stocks higher again on Wednesday (November 11).

Hard-hit countries including Spain and Italy now expect to get their first shots in early 2021.

By mid-morning the pan-European Stoxx 600 index was up around 0.7%, marking a third day of gains.

That builds on a 5% rally this week.

Battered sectors including travel stocks are among the gainers.

British Airways-owner IAG rose as much as 6%, while easyJet was up around 4%.

Better than expected earnings numbers have also helped the mood.

According to data from Refinitiv, 68% of European companies reporting third-quarter numbers have beaten estimates.

German energy firm E.ON the latest to join that trend.

Its shares gained around a percent after it said demand was recovering faster than expected.

Dutch bank ABN Amro also beat forecasts on Wednesday.

But its shares tumbled 4% as it said it was still wary about the coming months.

Overall though, the optimism was evident, with traditional safe-haven bets like government bonds and gold all flat or lower.