Picture used for illustrative purpose. File
Gulf Today Report
European shares gained on Friday due to the increase in oil stocks and sign of development in the injection of US fiscal stimulus into the economy.
London FTSE 100 rose 0.8% as crude prices gained after a compromise between OPEC+ members to continue some production cuts. Europe's oil and gas index jumped 1.7%.
Pan-European STOXX 600 index rose 0.2% but looked set to end the week lower, ending a four-week winning streak, as disappointing economic data and Brexit uncertainty had weighed.
Nasdaq jumped to an all-time high as $908 billion aid plan gains momentum in the US Congress.
According to David Madden, market analyst at CMC Markets UK said, "It's a mixture of both stimulus and the vaccine news both moving in the right direction."
Asian shares advanced on Friday on optimism for a large US economic stimulus package and hope for a vaccine-led economy.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.78%, surpassing its Nov. 25 peak, led by gains in the tech sector, while Japan's Nikkei dipped 0.22% on profit-taking.
Investors are hopeful that the US Federal Reserve would adjust its purchase scheme before the year runs out.
Mitsubishi UFJ’S Fujito said the rapid gain in stock prices since the announcement of a vaccine looks promising but the market might not peak yet.
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%.
The UAE non-oil trade volume could grow by up to 12.9% year-over-year in 2021, supported by an expected uptick in maritime transport activity and other positive global economic trends,
Dubai Electricity and Water Authority (Dewa) has completed 87.73 per cent of its project to extend its water transmission network by 36 kilometres across Dubai, at a total cost of about Dhs256 million.
The State Bank of Pakistan (SBP) has announced its bi-monthly monetary policy on Friday and decided to maintain its policy rate at 7 per cent, according to a statement issued by the bank.