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Gulf Today Report
European stocks jumped on Friday as an increase in commodity and retail shares overthrows concerns about the effect of fresh stimulus injected into the economy.
The pan-European STOXX 600 index rose 0.4% and was on track for a marginal weekly gain after signs of progress on COVID-19 vaccine pushed the index to February highs earlier this week.
The energy stock and retail index gained the most as the oil prices steadied. Miners also advanced by 1%.
Keith Temperton, a sales trader at Forte Securities said, "European markets are a bit fatigued with 2020. Any more upside will come only when physical cash enters markets through stimulus measures."
The stimulus injected into the economy and the announcement for a vaccine has aided the benchmark STOXX 600 in increasing by nearly 40% from its March lows.
Asian shares mixed on Friday following Wall Street gains as investors weigh the effect of the surge in coronavirus cases and the hope for a vaccine rescuing the economy.
Japan's benchmark Nikkei 225 slipped 0.5% in afternoon trading to 25,513.91. Australia's S&P/ASX 200 edged down 0.1% to 6,539.20. South Korea's Kospi added less than 0.1% to 2,548.37. Hong
Kong's Hang Seng gained 0.4% to 26,460.17, while the Shanghai Composite rose nearly 0.2% to 3,368.28.
Investors are awaiting data that will showcase the health of regional economies such as India, Taiwan and Singapore.
Prakash Sakpal, senior economist Asia at ING said, "the focus next week in Asia will be the extent of India’s bounce back in the third quarter, as the data in October underscores the renewed threat to the region from the second wave of the pandemic.”
The pan-European STOXX 600 fell 0.7% by 08:10 GMT, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6%, on Wall Street, the Dow slumped 1.16%.
Benchmarks in Shanghai, Hong Kong and Sydney declined while Tokyo and Seoul rose. While in Europe, the pan-European STOXX 600 dipped 0.1%,
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. Asian shares rose on Wednesday after the announcement of a COVID-19 vaccine that is more than 90% effective.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.06% to 609.41, which is near its January 2018 high of 617.12. The pan-European STOXX 600 index fell 0.6%, taking some shine off gains of more than 13% this month.
World shares rose to just below record peaks on Tuesday after factory surveys boosted expectations of a recovery from the COVID-19 downturn, with drugmakers seeking fast approval for vaccines and authorities looking
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