European stocks were lower despite more positive vaccine news

European stocks were slightly lower on Tuesday despite a backdrop of more positive coronavirus vaccine news from Moderna on Monday.

The pan-European Stoxx 600 hovered around 0.2% below the flatline in early trade, with travel stocks shedding 0.8% and household goods adding 0.4%.

European stocks has closed higher on Monday as hopes for an effective coronavirus vaccine were further boosted by positive news from Moderna, which announced that preliminary data showed its coronavirus vaccine was more than 94% effective at preventing Covid-19.