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| - European and US stock markets were mixed Tuesday as a rally based on raised vaccine hopes ran its course. On Monday, equities in Europe and the US had surged higher on news from US biotech group Moderna that its vaccine candidate was 94.5 percent effective in preventing Covid-19. On Wall Street both the Dow and S&P 500 hit new record highs on Monday, with the Dow coming within 40 points of 30,000. But the rally petered out on Tuesday, with the Dow down by 0.6 percent in late morning trading. In Europe, London had fallen by 0.9 percent at the close, while Frankfurt was essentially unchanged and Paris gained 0.2 percent. With Covid-19 infections surging across the US and Europe and concerns that Washington lawmakers are unlikely to pass a big stimulus package before Joe Biden is sworn in as US president, some analysts see traders shifting back to focusing on the economy. "The euphoria created by the presidential election result and the vaccine announcement will give way to a more sober analysis of how long and smooth the road to recovery will be," commented Chris Iggo at AXA Investment Managers. Others believed it to be more of a recalibration by investors after a huge rally. Briefing.com analyst Patrick J. O'Hare noted that the Dow has shot 13 percent higher in the past 11 trading sessions and remarked: "For now, this morning's weakness has more to do with a pullback from a short-term overbought position." Dealers have been upbeat since the US election paved the way for a bit more certainty on the world stage and pharmaceutical giants Pfizer and BioNTech said their virus vaccine had been 90 percent effective in trials. That fanned hopes the global economy could soon begin to get back on track. But hopes for a US stimulus remain slim. Biden on Monday called for Congress to pass a Covid relief package like one that helped the economy weather the initial phase of the outbreak. Republican Senator Richard Shelby replied that it was "doubtful". Federal Reserve vice chair Richard Clarida said however that the central bank could expand its bond-purchase scheme to support growth, adding that it "is committed to using all of our available tools". In currency trading, the dollar was lower versus its main rivals, while sterling gained on hopes of a post-Brexit trade deal between the European Union and Britain as talks began in Brussels. Oil prices slid as OPEC and non-cartel producers met to discuss output levels amid battered global crude demand. A joint statement issued after the meeting said: "All participating countries need to be vigilant, proactive and be prepared to act, when necessary, to the requirements of the market." London - FTSE 100: DOWN 0.9 percent at 6,365.33 points (close) Frankfurt - DAX 30: FLAT at 13,133.47 (close) Paris - CAC 40: UP 0.2 percent at 5,483.00 (close) EURO STOXX 50: UP 0.1 percent at 3,468.34 New York - Dow: DOWN 0.6 percent at 29,771.81 Tokyo - Nikkei 225: UP 0.4 percent at 26,014.62 (close) Hong Kong - Hang Seng: UP 0.1 percent at 26,415.09 (close) Shanghai - Composite: DOWN 0.2 percent at 3,339.90 (close) Euro/dollar: UP at $1.1865 from $1.1854 at 2200 GMT Pound/dollar: UP at $1.3253 from $1.3198 Dollar/yen: DOWN at 104.23 yen from 104.56 yen Euro/pound: DOWN at 89.53 pence from 89.82 pence West Texas Intermediate: DOWN 1.1 percent at $40.88 per barrel Brent North Sea crude: DOWN 1.3 percent at $43.24 burs-wai/rl
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