European, Asian stocks rise on President Joe Biden’s trillion-dollar plan

Gulf Today Report 

European stocks rose on Thursday as optimism surrounding the new US government plan increased concerns of another COVID-19 wave with France imposing a third national lockdown.

The pan-European STOXX 600 index rose 0.2% in early trading, hovering just 3 points below its all-time high. 

European chip companies including ASML, ASMI, Infineon Technologies BE Semiconductor all rose between 1.8% and 4.4% after US chipmaker Micron Technology issued an upbeat revenue forecast.

French retailers and travel stocks came under pressure after the latest lockdown. Hotels group Accor inched up 0.3% while catering companies Sodexo and Elior dropped almost 2%. 

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Asian stocks 

Asian stock markets gained on Thursday following an unexpected rise in Japan and South Korea’s economic data and announcement of Joe Biden’s infrastructure spending plan. 

Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced.

The Shanghai Composite Index rose 0.3% to 3,453.10 and the Nikkei 225 in Tokyo advanced 1.1% to 29,513.59. The Hang Seng in Hong Kong added 0.8% to 28,616.61.

The Kospi in Seoul was 0.5% higher at 3,075.97 while Sydney's S&P-ASX 200 gained 0.3% to 6,814.20. New Zealand and Jakarta declined while Singapore advanced.

In Japan, a survey found business conditions improved beyond expectation and South Korea reported an increase in March export growth. 

Biden announced plans to spend on broadband internet and clean energy, roads, bridges and public transit. The plan would roll back corporate tax cuts enacted under his predecessor, Donald Trump.