Asian stocks rise while European shares decline

Gulf Today Report 

Following a meeting between Britain and EU leaders the European shares recorded little change on Thursday, the meeting ended with a failed breakthrough,

The pan-European STOXX 600 index was flat, while London's FTSE 100 rose 0.4% and was set for its eighth straight session of gains, as the pound resumed its slide.

British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen have made the weekend deadline for the conclusion of the deal. 

Britain leaves the bloc by ending of the month and if a trade deal is agreed on, around $1 trillion in annual trade is at stake. 

The European Union summit is set to begin on Thursday with leaders likely to unblock a stalled 1.8 trillion euro ($2.18 trillion) pandemic aid package as Poland and Hungary appeared to be edging

toward an agreement.

Investors also await ECB decision, they are hopeful for a fresh stimulus package.  

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Asian Shares

Asian stock markets jumped on Thursday as investors project an above-average economic-recovery in the region due to China’s steady growth. 

Asian equity indexes in China, Indonesia and the Philippines advanced between 0.2% to 0.6%. 

In addition to China’s steady recover, Asian Development Bank reviewed its growth forecast for the regions developing economies and their recovery is encouraging.

"With a lack of headlines or data to drive markets in Asia, investors appear to be using the lull to reduce risk in some markets and rejig weightings in others," said Jeffrey Halley, senior market analysts, Asia Pacific at OANDA.