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Gulf Today Report
European stocks jumped on Thursday as investors remain hopeful for a large US stimulus plan under the new administration while awaiting clues from the European Central Bank for clues on the eurozone’s economic health.
The pan-European STOXX 600 index rose 0.4%, leisure, travel, tech and automakers led the gains.
Dhaval Joshi, strategist at BCA Research said, "in the past few days, the market has been breathing a sigh of relief that we had a safe transfer of power from Trump to Biden."
As the market awaits outcome of the ECB meeting, Eurozone stocks gained 0.3%. It is expected that monetary policy will be kept easy and unchanged.
Asian stocks advanced on Thursday as investors remain hopeful the incoming Biden administration will inject a massive stimulus package to aid the economy.
MSCI's broadest index of Asia-Pacific shares outside Japan touched record highs and was last up 0.92%.
Chinese blue-chips added 1.75%, Australian shares climbed 0.79% and Seoul's Kospi rose 1.54%.
Japan's Nikkei was up 0.82%, less than 1% off three-decade highs reached last week.
Following Joe Biden’s inauguration, Asian markets are showing relief over a smooth transition of power and expectations that the huge US stimulus will aid global assets.
Kay Van-Peterson, global macro strategist at Saxo Capital Markets said "that means that this market should be way, way, way higher as a whole and we're going to get there. We're entering this regime of even more accelerated asset class inflation."
In the eurozone, Frankfurt's DAX 30 firmed 0.2 percent to 14,535.65 and Paris won 0.5 percent to 6,077.57.
The pan-European STOXX 600 index slipped 0.1% by 08:08 GMT. In Asia, gains were led by benchmarks in Singapore and Indonesia which both rose around 1%, while Hong Kong rose 0.1% and Australia's S&P/ASX 200 was up 0.23%.
An upbeat mood due to hope for more stimulus in the US economy in the Asian markets, positively affected the European markets.
Robust earnings from Google-owner Alphabet and Twitter took the S&P 500 and Nasdaq indexes close to record levels on Friday, with data showing the domestic economy slowed lesser than expected in the second quarter providing support.
A steady surge of growth throughout the second quarter has propelled Dubai International’s (DXB) half yearly traffic to 27.9 million passengers. DXB achieved the milestone despite a significant reduction in capacity resulting from the 45-day closure of its northern runway in May-June for a major refurbishment project.
Michael Bolliger, Chief Investment Officer Emerging Markets at UBS Global Wealth Management, has stated that he expects the UAE’s economy to grow by over five percent in 2022. In an interview with the Emirates News Agency (WAM), Bollinger said that the UAE’s economy grew by 3.8 per cent in 2021, due to appropriate government incentives
President Abdel Fattah Al Sisi accepted the resignation of Amer and named him a presidential adviser, the state-owned newspaper Al Ahram reported.
China will step up support for the economy, Premier Li Keqiang has said, urging economically important provinces to take the lead in implementing growth policies, state media reported a day after data showed growth unexpectedly slowed last month. China’s economy continued to recover in July but there were “small fluctuations”, Li said during a