European stocks fell on Tuesday, losing momentum after the pause of a key coronavirus vaccine trial. Stock traders waited for earnings from some of the world’s leading banks.
Rising 0.7% on Monday, the Stoxx Europe 600 SXXP, -0.14% fell by 0.1%.
After rising seven of the past eight sessions European stocks started to lose momentum.
It is common for drugmakers to pause trials in this way. The pause isn’t the more serious clinical hold, so far.
Meanwhile, the U.K.’s self-imposed date to reach a trade agreement with the European Union is Thursday. The current arrangement is good up until the end of the year.
U.K. data showed the unemployment rate rising to 4.5% in the three months ending August higher than expected. However once the job furlough program expires at the end of October, further rise is anticipated.
Stocks on the Move
Moreover, Rolls-Royce RR, -5.95% shares fell 6%. It was its second day of sharp losses for the engine maker after nearly doubling in value last week.
A Rolls-Royce customer, Airbus AIR, -3.25%, fell 3%. From hold at Cazenove JPMorgan, it was downgraded to underweight.
The broker cited a more wary view on air travel and airline profitability. This led it to reduce its view on deliveries next year by 10%.
Furthermore, SSE’s SSE, +3.28% shares rose 4% after it agreed to sell its 50% share in two energy-from-waste ventures. That was for £995 million to an infrastructure fund managed by First Sentier Investors.