European stocks recover from 3-week low as global markets rebound

European stocks rose on Monday, rebounding from a 3-week low, as most global stock markets recovered today after a drop in the US Treasury bond yields and the latest positive updates regarding the Covid-19 vaccines.

The Stoxx Europe 600 index rose 1.2% as of 11:45 GMT, after it closed lower by 1.6% on Friday, after hitting a 3-week low at 404 points.

The pan European index lost 2.4% last week, in its first weekly loss in a month, due to concerns over the US bond market.

The retail sector saw the largest gains in Europe today, rising around 2.5%, as most global retail stocks recovered.

The US Food and Drug Administration (FDA) approved on Saturday the emergency use of the Johnson & Johnson's Covid-19 vaccine, making it the third vaccine that will be widely used in the US.

This vaccine is taken in only a single dose, and can be stored in normal cold temperatures, which makes it easier for distribution in most parts of the world.

US officials said that initial shipments have already started on Sunday, and Johnson & Johnson expects to ship more than 20 million doses by March 30 and 100 million doses by the middle of this year.

S&P 500 futures rose 1.1%, after the index closed lower by 0.5% and hit a 3-week low of 3,789.54 points on Friday at Wall Street.

Back to Europe, the Euro Stoxx 50 index rose 1.1%, France's CAC 40 rose 1.2%, and Germany DAX index rose 0.9%, the UK's FTSE 100 rose 1.5%.