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Gulf Today Report
European shares gained on Thursday but it was little due to the extended restriction in Germany and discouraging economic forecasts in other parts of Europe.
The pan-European STOXX 600 rose 0.1%, with tech and healthcare sectors leading gains. The benchmark index ended a four-day winning streak in the previous session as investors cashed in on gains after a vaccine-fuelled rally.
UK Finance Minister Rishi Sunak said the economy is moving towards a shrink by 11.3% that led to UK's domestically exposed stocks stabilizing after a sell-off on Wednesday.
Trading volumes are expected to be thin in light of the Thanksgiving holiday in the United States.
Asian shares rose on Thursday as investors remain optimistic of Biden’s administration injecting stimulus into the economy.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.39% while Japan's Nikkei gained 0.91%.
European stock futures eked out gains of 0.30% before the start of cash equity trading.
MSCI's broadest gauge of the world's shares covering 49 markets added 0.15%, bringing gains so far this month to 12.8%, on course for a record monthly increase.
The rallying of stock started earlier in the month, following Joe Biden election victory.
Arihiro Nagata, general manager of global investment at Sumitomo Mitsui Bank said, "reduced policy uncertainties are helping markets. It will be easier for companies to make capital expenditures."
He added that “it's true that stock prices are quite expensive but markets are finding fewer and fewer reasons to sell them. In this environment, you can't make profits by selling. The only question to ask is what assets you should buy."
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.
The pan-European STOXX 600 fell 0.3% after gaining at the beginning of the week. In the last two weeks, the index has advanced by 12%. MSCI's broadest index of Asian shares outside Japan edged up 0.1%, reversing earlier losses. For the week it rose to about 0.7%.
Strong incentives for UAE investors to target the Israeli high-tech market are underlined in a first of its kind report published on Sunday following record investment activity and growth in 2020, despite the COVID-19 pandemic.
The Sharjah Airport International Free Zone (SAIF Zone) has signed an investment agreement with TORRECID of Spain, a globalised multinational business group dedicated to providing products, services,
Bahrain-GCC trade reached $5.7 billion in 2020, accounting for 25 per cent of Bahrain’s global bilateral trade for the year ($20.8 billion).