European shares, Asian shares advance as commodity prices gain - GulfToday

European shares, Asian shares advance as commodity prices gain


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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. 



Gold prices climb as dollar, yields ease


UK unemployment rate surges


Japan-UAE long-time economic ties remain robust with US22.4bn trade in 2020: Japanese minister

Asian stock 


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.




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