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Gulf Today Report
European shares advanced on Monday as news of coronavirus vaccine development uplift hope for a faster economic recovery.
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.
The injection of stimulus into the economy has boosted the benchmark index by 40% from its March lows. However, the markets are not doing as well as expected due to surge in coronavirus cases.
AstraZeneca in collaboration with the University of Oxford announced a 90% effective COVID-19 vaccine, under one dosing regimen.
According to a survey, activities at eurozone declined in November due to fresh restrictions imposed across Europe.
Asian shares gained on Monday as investors look towards coronavirus vaccine to aid in recovering the economy, despite the increase in cases.
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.
Seoul's Kospi was 1.83% higher as an optimistic earnings outlook for South Korean chip giants drove gains.
Japanese markets were closed for a holiday, but Nikkei futures added 0.27% to 25,815.
Investors hope was boosted by an announcement from a US government official about the vaccine being available for healthcare workers by mid-December.
The regional index also got a boost from Australian shares which gained 0.34% as the country eased some COVID-19 restrictions. Most of the country has seen no new community infections or deaths in several weeks.
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.
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.
Opec on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market.
Adnoc Logistics & Services (Adnoc L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (Adnoc), on Tuesday announced the acquisition of two additional Very Large Crude Carriers (VLCC),
Pakistan’s exports of goods and services to Germany has witnessed an increase of 8.79 percent during the eight months of financial year (2020-21) as compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported.