Asian stocks rise, European shares dip
- Last updated: February 9, 2021 | 17:46
Gulf Today Report
Asian stocks traded higher on Tuesday following gains on Wall Street.
Shanghai, Tokyo, Hong Kong and South Korea all advanced.
The Shanghai Composite Index gained 1.2% to 3,576.06 and the Nikkei 225 in Tokyo gained 0.1% to 29,418.23. The Hang Seng in Hong Kong rose 0.5% to 29,462.08.
The Kospi in Seoul advanced 0.4% to 3,102.72 and Sydney's S&P-ASX 200 shed 0.6% to 6,837.80.
India's Sensex opened up 0.4% at 51,582.30. New Zealand retreated while Southeast Asian markets advanced.
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European Shares
European shares dipped on Tuesday as a recent rally powered by hopes of a swifter global economic recovery and vaccine roll-outs showed signs of cooling.
The STOXX 600 index fell 0.1%, after recording almost 4% gains in February. Germany's DAX index was down 0.2% and French reinsurer Scor rose 2.8%.
Despite the decline, investors are focusing on European equities as a good investment, said, analysts.
Mike Bell, global market strategist at J.P. Morgan Asset Management said, "there is this view that Europe is getting a bump in business investment which I think is right because when that consumer spending is unleashed, it will lift corporate profits, which have so far been the field indicators of business investments."