Asian shares mix, European stocks gain

Gulf Today Report 

Asian shares mixed on Wednesday following a decline on Wall Street, dragging major indexes lower.

Japan's benchmark Nikkei fell 0.5% to 29,544.93 and the Shanghai Composite index sank 0.7% to 3,459.25. Australia's S&P/ASX 200 gained 0.3% to 6,903.50. South Korea's Kospi added 0.3% to 3,136.56. Hong Kong's Hang Seng slipped 0.3% to 28,845.68. 

Globally, investors are optimistic about a rebound in the economy although some nations are moving at a slower pace. 

According to Venkateswaran Lavanya at Mizuho Bank's Asia & Oceania Treasury Department, "to be sure, the aggregated growth assessment is upbeat. Global GDP contraction for 2020, at 3.3%, was not as bad as the 4.4% drop expected earlier.” 

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The International Monetary Fund said it expects global economic growth to accelerate this year as vaccine distribution ramps up and the world rebounds. 

European stocks

European stocks surged on Wednesday as investors wait for service sector data, while hope over-vaccination drive and weak pound pushed UK equities higher.

The pan-European STOXX 600 index fell 0.2% by 07:04 GMT after closing at an all-time high of 435.26 points on Tuesday. The German DAX and France's CAC 40 were flat.

Final readings of UK and eurozone March services sector activity are due later in the day, with fresh restrictions in several countries in the region likely to affect recovery.