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Gulf Today Report
European shares climbed on Wednesday for a third session as confidence surrounds the effectiveness of COVID-19 vaccine.
The pan-European STOXX 600 gained 0.5%, building on a 5% rally this week as investors bought into utilities as well as travel-related stocks, a sector that has widely underperformed this year. Technology stocks gained 0.7%.
Keith Temperton, a trader at Forte Securities said: "the US election, talks of fresh European stimulus, and vaccine developments have definitely helped traders to get more confident, but the market is beginning to settle and see if any new short-term risks come up."
Among country indexes, German stocks rose 0.2%, while London's FTSE 100 and France's CAC 40 added 0.3% and 0.3%, respectively.
Asian shares rose on Wednesday after the announcement of a COVID-19 vaccine that is more than 90% effective
Benchmarks advanced in Tokyo, Hong Kong, Seoul and Sydney but fell in Shanghai after new Chinese regulations focused on technology companies prompted selling in that sector.
The Shanghai Composite index declined 0.3% to 3,349.17.
In Hong Kong, the Hang Seng rebounded from early losses, adding 0.3% to 26,375.48.
Other regional markets also were mostly higher. Japan's Nikkei 225 index gained 1.8% to 25,349.60 and the S&P/ASX 200 jumped 1.7% to 6,449.70.
South Korea's Kospi rose 1.3% to 2,485.03. India's Sensez fell 0.2% and shares in Taiwan were higher.
E-commerce giant Alibaba's shares fell 8.4% even as the company was in the midst of its annual Singles Day sales festival. Tencent, owner of the popular WeChat social media platform, declined 5.1% and online retailer JD.com sank 7.6%.
The pan-European STOXX 600 index rose 0.4% by 09:45 GMT and hit a fresh high since late February, with energy and banking sectors leading gains, while in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.71% on Monday, pushing past a previous record high touched on Friday.
Most major markets across Asia were in the green with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.9% for its second straight session of gains.
Japan's benchmark Nikkei 225 edged up 0.6% to 23,214.38. Australia's S&P/ASX 200 gained 1.5% to 5,964.90, while South Korea's Kospi added 0.6% at 2,285.09. Hong Kong's Hang Seng gave up earlier gains, sinking 0.7% to 23,146.61. The Shanghai Composite index fell 0.4% to 3,209.85.
Shares rose in India but fell in Taiwan and Thailand.
Japan's benchmark Nikkei 225 rose 1.3% in afternoon trading to 23,511.62, while South Korea's Kospi added 1.4% to 2,310.85. Australia's S&P/ASX 200 lost earlier gains to slip 0.2% to 5,952.30. Hong Kong's Hang Seng index rose 0.8% to 23,429.81, while the Shanghai Composite index inched less than 0.1% lower to 3,216.46.
Expo 2020 is the first project in the Middle East to receive an ‘Excellent’ CEEQUAL rating.
Brent crude futures fell 20 cents, or 0.3%, to $65.12 a barrel by 05:27 GMT while US West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.3%, at $61.14 a barrel, after losing $1.32 on Wednesday.
Spot gold was up 0.1% at $1,794.67 per ounce by 01:15 GMT while US gold futures rose 0.1% to $1,795.40 per ounce.
DP World, UAE Region in collaboration with the UAE Food & Beverage Manufacturers Group recently hosted ‘The Food & Beverages (F&B) Manufacturing Industry 2021 Dialogue’ emphasising the significance of the sector to the UAE’s economy. The entity’s recently