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| - European and US stock markets retreated Tuesday as a rally based on raised vaccine hopes petered out. 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, with the Dow coming within 40 points of 30,000. Asian stocks rose as they played catch up with the vaccine news, but European and US markets retreated on Tuesday. On Wall Street, the Dow opened down 0.9 percent. In Europe, London fell 1.4 percent, while Frankfurt shed 0.3 percent and Paris gave up 0.2 percent. With Covid-19 infections across the US and Europe continuing to surge and concerns that Washington lawmakers are unlikely to pass any big stimulus package before Joe Biden is sworn in as US president, some analysts see traders shifting back to worrying about 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," said Chris Iggo at AXA Investment Managers. Others believe it to be more of a recalibration by investors after a huge rally. Briefing.com analyst Patrick J. O'Hare said the question is whether sentiment is "being governed by genuine growth concerns or is it being governed by the thinking that the outsized growth in price returns this month can't be sustained?" He noted that the Dow has shot 13 percent higher in the past 11 trading sessions. "For now, this morning's weakness has more to do with a pullback from a short-term overbought position," O'Hare said. The mood among dealers has been upbeat this month after Democrat Biden's US election win paved the way for a little more certainty on the world stage and pharmaceutical giants Pfizer and BioNTech announced their virus vaccine had been 90 percent effective in trials. The news fanned hopes the global economy could soon begin to get back on track. Hopes for a US stimulus remain slim. Biden on Monday called for Congress to "come together and pass a Covid relief package like the Heroes Act" that helped the economy weather the initial phase of the outbreak. But Republican Senator Richard Shelby poured cold water on that, saying: "We're not going to pass a gigantic measure right now -- and the question is will we pass it later? Doubtful." Federal Reserve vice chair Richard Clarida, however, said the central bank could expand its vast bond-purchase scheme to support growth, adding that it "is committed to using all of our available tools". In currency trading, the dollar was down versus its main rivals, while sterling gained on hopes of a post-Brexit trade deal between the European Union and Britain as key talks began in Brussels. Oil prices slid as OPEC and non-cartel producers met to discuss output levels amid battered global crude demand. London - FTSE 100: DOWN 1.4 percent at 6,328.98 points Frankfurt - DAX 30: DOWN 0.3 percent at 13,098.05 Paris - CAC 40: DOWN 0.2 percent at 5,460.88 EURO STOXX 50: DOWN 0.4 percent at 3,460.88 New York - Dow: DOWN 0.9 percent at 29,671.30 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 $1.1877 from $1.1854 at 2200 GMT Pound/dollar: UP at $1.3254 from $1.3198 Dollar/yen: DOWN at 104.16 yen from 104.56 yen Euro/pound: DOWN at 89.62 pence from 89.82 pence West Texas Intermediate: DOWN 0.9 percent at $40.96 per barrel Brent North Sea crude: DOWN 0.9 percent at $43.44 per barrel burs-rl/pvh
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