Picture used for illustrative purpose. File

Gulf Today Report 

European shares advanced on Wednesday as quarterly earnings report from different firms boosted optimism for vaccine-led economic recovery. 

The STOXX 600 index rose 0.3% with commodity-linked shares and banking stocks leading gains. 

Most European indices were higher in early trading.

Asian stocks 

Asian stocks gained on Wednesday due to upbeat earnings and hope of a large US fiscal stimulus boosting optimism of global recovery.

MSCI's ex-Japan Asian shares index rose 0.86%, breaking above its January peak to reach its highest level ever. 

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In mainland China's CSI300 rose 2.1% to a 13-year high and the Shanghai Composite hit a five-year high on the last trading day before the week-long lunar new year holidays.

Japan's Nikkei eked out gains of 0.19% while e-mini futures for the US

S&P 500 rose 0.35% after a mixed day on Wall Street as corporate earnings have been beating expectations in many places including the United States and Japan.

"Globally investors are raising weightings on stocks as the Biden administration looks set to spend pretty much close $1.9 trillion on its stimulus," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.