Even bits of news on a possible vaccine for the coronavirus are welcomed by stock markets. ©AFP TAUSEEF MUSTAFA

London (AFP) – Stock markets edged upwards Tuesday as investors absorbed the latest coronavirus vaccine news after President Donald Trump returned to the White House following treatment for the virus.

Political concerns persisted ahead of the presidential election on November 3 however.

The dollar rose against the pound but declined against the yen, while oil prices shot higher owing to strikes on Norwegian offshore platforms and a hurricane heading towards US installations.

In midday exchanges, the Dow Jones index was essentially unchanged in New York.

European and Swiss regulators said they had begun to assess candidate vaccines for the coronavirus, suggesting that progress was being made towards managing Covid-19, which has killed more than 1.04 million people worldwide.

On Monday, global equities had rebounded on reports of Trump’s improving health and as US lawmakers appeared to edge towards agreeing on a new stimulus package.

The election still weighed on investor’s minds, however.

“This is still going to be a controversial, drawn-out election with the potential added uncertainty of a challenge to the result,” OANDA analyst Craig Erlam remarked.

Markets were unclear over the chances of a new US stimulus package that would help counteract fallout from the pandemic in the world’s biggest economy, dealers said.

Stimulus talks have revived with a series of mostly phone meetings between Treasury Secretary Steven Mnuchin and Democrat House leader Nancy Pelosi.

The two sides have been talking for weeks and sending ambiguous signals on the likelihood of a deal, however.

“As far as traders are concerned, talking is preferable to being in a stand-off and not engaging with each other,” noted David Madden, analyst at CMC Markets UK.

– Key figures around 1600 GMT –

London – FTSE 100: UP 0.1 percent at 5,949.94 points (close)

Frankfurt – DAX 30: UP 0.6 percent at 12,906.02 (close)

Paris – CAC 40: UP 0.5 percent at 4,895.46 (close)

EURO STOXX 50: UP 0.4 percent at 3,233.30

New York – Dow Jones: FLAT at 28,144.57

Tokyo – Nikkei 225: UP 0.5 percent at 23,433.73 (close)

Hong Kong – Hang Seng: UP 0.9 percent at 23,980.65 (close)

Shanghai – Composite: Closed for a holiday

Dollar/yen: DOWN at 105.60 yen from 105.75 yen at 2100 GMT

Pound/dollar: DOWN at $1.2955 from $1.2979

Euro/dollar: FLAT at $1.1784

Euro/pound: UP at 90.96 pence from 90.79 pence

West Texas Intermediate: UP 3.5 percent at $40.59 per barrel

Brent North Sea crude: UP 2.9 percent at $42.50

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.