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European Shares Rise In Thin Trading

stockmarkets jan07 27nov20 lt

European stocks rose on Friday even as questions were raised about the results of AstraZeneca's late-stage vaccine study, potentially hindering chances of getting speedy U.S. and EU regulatory approval.

Trading activity remained thin due to the Thanksgiving holiday in the U.S. Wall Street will reopen today for a half session.

The pan European Stoxx 600 edged up 0.2 percent to 392.22 and remained on track for a fourth consecutive weekly gain.

The German DAX rose 0.4 percent and France's CAC 40 index gained half a percent while the U.K.'s FTSE 100 was down 0.8 percent as Brexit talks dragged on.

U.K. and European Union officials will resume face-to-face trade talks this weekend with Michel Barnier, the EU's chief negotiator, warning that the "same significant divergences persist".

AstraZeneca shares were marginally lower.

Building materials company Michelmersh Brick Holdings soared 7.7 percent. The company said its trading performance has been resilient since June 2020 and this has continued through November.

The company has decided to repay the monies received under the Job Retention Scheme totaling 0.5 million pounds.

Pub company J D Wetherspoon lost nearly 2 percent. The company said 366 of its pubs will remain shut following the U.K. government's latest update on virus restrictions.

Spain's second-largest bank BBVA rose 2.2 percent while smaller rival Banco Sabadell slumped 13 percent after they have walked away from a planned merger.

Total SE rose half a percent and Royal Dutch Shell edged up slightly despite oil prices moving lower in quiet trade.

In economic releases, the French economy rebounded at a faster than initially estimated pace in the third quarter, revised data from the statistical office Insee showed.

Gross domestic product grew 18.7 percent on a quarterly basis, which was revised up from 18.2 percent estimated previously.

The expansion was in contrast to a 13.8 percent fall logged in the second quarter. Still GDP was well below the level it had before the health crisis.

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