European stocks retreat while Asian shares reach record high
- 31 Dec 2020
Gulf Today Report
European stocks fell on Thursday as different countries impose restrictions and the United States increasing tariffs on some EU products.
The trading volume was less than usual due to most traders away for the coming New Year and major European bourses closed.
The pan-European STOXX 600 recorded a 3.8% drop in 2020 while the German DAX ended 2020 with a 3.5% gain on Wednesday, Italy's FTSE MIB was down 5.4% for the year.
In light trading, UK's FTSE 100 fell 1.5% and France's CAC 40 dropped 0.7%. Both markets will close early on Thursday.
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Asian Shares
Asian shares rose on Thursday, set to end 2020 at record high as investors hope for economic recovery worldwide.
MSCI's gauge of Asia-Pacific shares excluding Japan rose 0.1% to its latest peak, having explored fresh territory repeatedly late in the year. But year-end trading was typically thin.
Kerry Craig, Global Market Strategist said, "a lot of the rise in the second part of the quarter is because the political risk evaporated."
Chinese blue chips rose 1.45%, the Hong Kong benchmark also rose 0.26%. Australian shares fell 0.80%, markets in Japan and South Korea are on holiday.