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Shares of Zoom Video Communications (NASDAQ:ZM) fell sharply on Monday

Moderna on Monday announced which preliminary details showed its coronavirus vaccine was in excess of 94 % effective at preventing Covid-19.

In Europe, focus is on the perspective for the EU’s near term economic restoration after Poland and Hungary blocked the adoption of 2021 2027 budget as well as healing fund by EU governments on Monday.

The pan European Stoxx 600 hovered around the flatline in earlier trade, with travel stocks dropping 1.1 % and utilities publishing 0.4 %.

European stocks closed much higher on Monday as hopes for a good coronavirus vaccine were further boosted by news that is beneficial from Moderna, which announced that preliminary data showed its coronavirus vaccine was more than ninety four % effective at stopping Covid 19.

The announcement followed similarly positive news previous week from Pfizer and BioNTech’s late-stage coronavirus vaccine trial which proved their vaccine was much more than 90 % effective.

The Moderna information boosted stocks on Wall Street as well as markets in the Asia Pacific region overnight, with shares mostly soaring in Tuesday’s trading consultation. But U.S. stock futures were in bad territory on Monday night even with 2 of the 3 major market benchmarks closed for record levels.

In Europe, focus is actually on the perspective for the EU’s near term economic recovery after Poland and Hungary blocked the adoption of the 2021 2027 budget and retrieval fund by EU governments on Monday. They did this because the budget law includes a clause which makes access to money conditional on respecting the rule of law.

Business earnings remain on the agenda, with EasyJet reporting on Tuesday this revenue fell greater than 50 % in the year to the conclusion of September because the coronavirus pandemic ground the travel industry to a stop.

Intermediate Capital saw its shares climb 5.6 % to steer the Stoxx 600 in early trade right after posting a twenty nine % rise in first half profit before tax, while with the opposite end of the European sky blue chip index, shopping mall operator Klepierre slid more than 4 %.

Shares of Zoom Video Communications (NASDAQ:ZM) fell sharply on Monday, along with the stocks of many other high flying work-from-home companies. The provider of a footage collaboration platform saw the shares of its fall more than seven % at one point within the trading day. As of 11:45 p.m. EST today, however, the loss had been trimmed to 3.7 %.

The stock’s decline was likely driven largely by news flash which Moderna’s coronavirus vaccine was observed to be about 95 % effective within a clinical trial with more than 30,000 volunteers. Zoom stock’s sell-off suggests some investors believe shares may just take a hit when effective vaccines are distributed, helping other countries and the U.S. return to more normalcy.

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