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UPDATE 2-European shares end higher with eyes on Brexit trade deal talks

Published 08/12/2020, 10:02
Updated 08/12/2020, 18:30
© Reuters.

© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* British, EU leaders to meet face-to-face to discuss trade
deal
* UK rolls out Pfizer-BioNtech COVID-19 vaccine
* Germany may tighten COVID-19 restrictions
* Travel shares lead losses in Europe

(Updates to close)
By Susan Mathew
Dec 8 (Reuters) - European shares ended a volatile session
with modest gains on Tuesday, as investors weighed last-ditch
attempts at a Brexit trade deal while closely tracking rising
coronavirus cases in the region.
After losing as much as 0.6% in the session, the
pan-European STOXX 600 index .STOXX closed up 0.2% to hover
near 9-month highs.
London's FTSE 100 .FTSE , which has been outperforming
regional peers in recent sessions, was flat. .L
Britain said it would drop clauses in draft domestic
legislation that breached the Brexit Withdrawal Agreement after
it clinched a deal with the EU over how to manage the
Ireland-Northern Ireland border.
While the deal is separate to wider trade talks, the
agreement removes what was a major point of contention between
Britain and the EU.
"Investors are looking through the noise," said Peter Dixon,
chief UK economist at Commerzbank.
"We're at a stage now where investors are still expecting a
deal, but they're waiting for more concrete signals. The very
fact that the two sides are still talking suggests that they
still want a deal."
British and European Union leaders are set to meet in the
coming days for a final attempt to seal a trade deal, even as
officials sounded more and more skeptical after negotiations
failed on Monday. Tuesday also saw UK begin to roll out the COVID-19 vaccine
developed by Pfizer and BioNTech, the first Western country to
start vaccinating its population.
Meanwhile, as infections continued to rise in Germany,
Health Minister Jens Spahn said the government might tighten
restrictions to control the spread beyond the partial lockdown
implemented in November. A media report said the measures will
be discussed this week.
The travel and leisure, one of the worst-hit by
pandemic-induced movement curbs, led declines among sectors,
down 1%, while the German DAX .GDAXI edged higher in the last
hour of trading.
The ZEW economic research institute's survey showed German
investor sentiment soared more than expected in December on
expectations that vaccines will boost the outlook for Europe's
largest economy. Swedish wholesaler Beijer Ref AB BEIJb.ST was among the
biggest gainers on the STOXX 600, up 7.3%, after private equity
group EQT EQTAB.ST bought a stake in the company for about
$1.1 billion. Sensor specialist AMS AMS.S plummeted 15.4% after a
report on a possible Android sensor type change.

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