European stocks rally, Asian stocks jump ahead of UK’s budget
- Last updated: March 3, 2021 | 17:00
Gulf Today Report
European stocks jumped on Wednesday as Germany sets to relax coronavirus while investors await UK’s new budget.
The pan-European STOXX 600 index rose 0.7% by 0810 GMT, while the German DAX gained 0.9%, France's CAC 40 was up 0.8% and UK's FTSE 100 added 1%.
German Chancellor Angela Merkel agreed to the gradual ease of coronavirus restrictions.
Investors are keeping an eye on the UK as finance minister Rishi Sunak’s budget includes jobs rescue plan that will aid the economy.
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Asian stocks
Asian stocks rose on Wednesday after a wobbly day on Wall Street.
Hong Kong led the advance, gaining 2.4%. Tokyo, Seoul, Shanghai and Sydney also were higher.
In Hong Kong, the Hang Seng rose to 29,792.81. Tokyo's Nikkei 225 index added 0.5% to 29,559.10, while the Kospi in Seoul picked up 0.6% to 3,082.99.
The Shanghai Composite index advanced 1.8% to 3,569.66.
Bond yields have reduced but expectations for stronger economic growth in coming months continue to fuel worries that interest rates will head higher.
"It feels like we are in the eye of the storm. How much overheating and inflation will the Biden fiscal stimulus generate remains at the top of virtually every market conversation," Stephen Innes of Axi said.