European stocks fell on Wednesday after experts began to question the reliability of data from potentially promising trials of a coronavirus vaccine.
A report from the highly respected Stat News suggested that Massachusetts-based Moderna (MRNA) had not released enough information about its vaccine candidate to justify the optimism that had buoyed markets in recent days.
Shares in Moderna surged after it announced on Monday (18 May) that eight participants who received doses of the vaccine candidate had developed antibodies, suggesting that it triggered some level of immunity.
But the Tuesday (19 May) report in Stat News said that “critical information” was withheld and that the “early readout” should be interpreted with caution.
“Unwilling to learn from past mistakes, the markets got overly excited about Morderna’s COVID-19 vaccine, only for the Dow Jones’s optimism to be somewhat punctured on Tuesday night,” said Connor Campbell, a financial analyst at trading platform Spreadex.
“The Dow’s decline fed into the European session, contributing to the smattering of losses seen after the bell,” he said.
The lower open in Europe followed a mixed trading session in Asia.
Futures were pointing to a higher open for US stocks on Wednesday.
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