Asian shares mix while European stocks advance
- 30 Dec 2020
Gulf Today Report
Asian shares mixed on Wednesday as cheer from President Trump’s stimulus package relief dies down.
Benchmarks fell in Tokyo and Sydney but rallied in Hong Kong, Seoul and Shanghai.
Hong Kong's Hang Seng surged 1.6% to 26,989.87, while the Shanghai Composite index advanced 1% to 3,411.44. South Korea's Kospi jumped 1.9% to 2,837.08.
Japan's Nikkei 225 fell 0.5% to 27,444.17, a day after it surged more than 2% to its highest level in more than 30 years. Japanese markets will be closed Thursday through the end of the week, reopening Jan. 4.
In Australia, the S&P/ASX 200 lost 0.3% to 6,682.40. Shares rose in Taiwan but fell in India and Southeast Asia.
According to economists, the stimulus is essential to tide the economy as cases soar forcing governments to close borders.
Investors have looked forward to the stimulus for a long time.
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European Stock
European stocks jumped on Wednesday after Britain announced its approval of AstraZeneca and Oxford University coronavirus vaccine.
London's benchmark FTSE 100 index was up 0.1 per cent to stand at 6,605.79 points, with AstraZeneca adding 0.7 per cent at 7,516.90 pence. In the eurozone, Frankfurt's DAX 30 index also added 0.1 per cent to 13,776.24 points and the Paris CAC 40 gained 0.2 per cent to 5,622.74.
Naeem Aslam, an analyst at AvaTrade said "this is certainly good news. Another major company getting its vaccine approved by the lawmakers will further improve the coronavirus situation as the number of Covid cases are ticking higher over in Europe and in the United States."
Britain is working towards Jan.4 to begin rolling out the vaccine.