European, Asian shares jump as China and Japan data gain momentum

Gulf Today Report

European shares hit its nine-month high on Monday as Asian data look promising and COVID-19 vaccine seems on the way. 

The pan-European STOXX 600 rose 0.7% by 08:05 GMT, with banks and travel stocks gaining the most.

In October, China recorded fast growth in its factory output, sales in retail soared as the economic recovery gains momentum. 

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Asian Shares 

Asian shares climb on Monday following a 500 hit on Friday, also data from Japan and China are looking promising for economic recovery. 

Tokyo's Nikkei 225 jumped 1.8% to 25,852.74 and the Hang Seng in Hong Kong picked up 0.4% to 26,263.41. The Kospi in South Korea surged 1.9% to 2,541.04 and in Australia, the S&P/ASX 200 advanced 1.2% to 6,484.30. The Shanghai Composite index gained 1% to 3,342.23. 

In Hong Kong, Tokyo and other regions, stock benchmarks rose. 

Japan, the world’s third-largest economy advanced at 21% in the last quarter. Chinese economic data is also growing, it showed recovery in October.

However, economists are speculating that recovery might be slow due to restrictions that have affected tourism.