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Gulf Today Report 

European shares advanced on Tuesday as UBS recorded an increase in net profit but gains were curbed due to lockdown and US stimulus measures. 

The pan-European STOXX 600 index rose 0.2% after closing at more than two-week low in the previous session.

UBS, the Swiss wealth manager recorded a 137% rise in net profit. 

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Asian stock

Asian stocks declined due to concerns about the potential obstacle to the Biden administration’s $1.9 trillion stimulus package.

South Korea and Hong Kong topped losers and fell more than 2% each, Japan slipped 0.9% and Chinese stocks shed 1.6%. MSCI's broadest index of Asia-Pacific shares outside Japan shed 1.5% to 717.3.

Vasu Menon, senior investment strategist at OCBC Bank Wealth Management said: "there have been some warning bells from different parts of the world as we've seen more lockdowns in Europe, US and Asia."