Asian stocks rebound, European stocks fall

Gulf Today Report 

Asian stocks rebounded on Thursday after a selloff in Chinese technology shares due to worries of being de-listed from US bourses. 

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.07%. The index is close to wiping out all the gains it has posted so far this year.

Hong Kong shares fell sharply at the open but then erased losses to trade up 0.16%. Shares in China rose 0.28%, Japanese stocks rose 1.33% and Australian shares rose 0.17%. 

The US securities regulator is introducing measures that would kick foreign companies off US stock exchanges if they do not comply with US auditing standards, and require them to disclose any government affiliations - measures widely expected to hit Chinese companies. 

Also, investors are worried about extended lockdowns in Europe.  

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European stocks

European stocks declined on Thursday as investors ignore the energy and retail stocks going for shares of safe-haven companies. 

The pan-European STOXX 600 index slipped 0.1%, with oil & gas stocks falling 1.4% on the back of weaker crude prices.

European markets have struggled this week despite a surprisingly strong recovery in March business activity.

Germany saw the biggest increase in coronavirus since Jan. 9. 

"To some extent, these negative COVID-19 developments should be offset by a resilient manufacturing sector and a sizable cyclical rebound in H2 20," Barclays analysts wrote in a note.

"However, there is no question that the recovery in the EU will be at a much slower pace than in the US given these COVID-19 setbacks, but also because its stimulus is far smaller and less cyclical."

Analysts expect the euro area to grow by 3.9% this year and the United Kingdom by 4.9%.

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