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Gulf Today Report
European shares advanced on Tuesday as high commodity prices overshadow corporate earnings updates and British bank HSBC recorded a decline.
The benchmark eurozone stock index jumped by 0.1%.
Europe's Eurostoxx 50 futures and Germany's DAX futures FDXc1 both gained 0.2%, while futures for London's FTSE FFIc1 rose 0.3%. E-mini futures for the S&P 500 advanced 0.5%.
The energy and travel stocks led the gains, while HSBC has unveiled its strategy to focus on wealth management in Asia. HSBC Holdings dropped 1.3% after its annual profits fell sharply due to the COVID-19 pandemic.
Asian shares edged higher on Tuesday due to increase in commodity prices boosting market expectations.
MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4% to 726.6 after dipping to 719.8, the lowest level in two weeks.
Singapore's Straits Times index put on 0.6% and Taiwan was up 0.2%. Hong Kong advanced 1%, while the tech-laden South Korea's Kospi lost 0.3%. Japanese markets were closed for a public holiday.
"We are in unprecedented times, but the likelihood is that low-interest rates will persist long after the world economy has shaken off the pandemic," Keith Wade, chief strategist at Schroders said in a note.
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%.
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Dr Sultan Bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, met with Sung Yun-mo, Minister of Trade, Industry and Energy of the Republic of Korea
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