(Reuters) – European shares hit two-week highs on Thursday as investor sentiment improved on signs the impact of the Omicron coronavirus variant may not be as severe as feared.
The pan-European STOXX 600 gained 0.2% as of 0813 GMT, boosted by travel and auto stocks, tracking a global share rally that was also helped by robust U.S. economic data. [MKTS/GLOB]
The risk of needing to stay in hospital for patients with Omicron may be 40% to 45% lower than for patients with the Delta variant, according to research by London’s Imperial College.
Another study from South Africa found people diagnosed with Omicron in the country between Oct. 1 and Nov. 30 were 80% less likely to be admitted to hospital than those diagnosed with another variant in the same period.
AstraZeneca inched up 0.3% after the drugmaker said a three-dose course of its COVID-19 vaccine was effective against the Omicron variant, citing data from an Oxford University lab study.
Flutter Entertainment gained 2.6% after announcing it would buy Italian online gaming operator Sisal for 1.62 billion pounds ($2.16 billion), as the online betting group looks to expand its footprint in Europe.
Continental AG added 1.5% after its CEO told a magazine that the German automotive supplier could hit the upper end of its profit margin outlook in 2021 after vehicle production picked up in the fourth quarter.
(Reporting by Anisha Sircar in Bengaluru; Editing by Shounak Dasgupta)
