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Gulf Today Report
European stocks gained on Monday due to stabilization in bond markets, hope surrounding global COVID-19 vaccination programmes and the passing of $1.9 trillion US stimulus package.
The pan-regional STOXX 600 index rose 1.7%, with data indicating that activities increased in major eurozone economies in February.
European equities fell on Friday due to concerns of rising inflation as the US pass another stimulus package. However, a climb in government bond yields reversed on Monday, driving a recovery in global equities.
In a note, analysts at Generali Investments said, "equities should prove resilient, but the recent pick-up in real yields deserves to be watched. It is more toxic for highly valued risk assets, including growth stocks."
Asian stocks rallied on Monday as things stabilize in the bond markets while progress in the US stimulus package underpinned optimism for the global economy.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 1%, after shedding 3.7% last Friday.
Japan's Nikkei rallied 2.1%, while Chinese blue chips added 0.8%. Nasdaq futures bounced 1.2% and S&P 500 futures 0.8%. Eurostoxx 50 futures and Ftse futures both rose 1.0%.
Rodrigo Catril, a senior strategist at NAB said, "the bond moves on Friday still feel like a pause for air, rather than the catalyst for a move towards calmer waters."
The pan-European STOXX 600 index edged 0.02% lower in early trading.
Benchmarks in Shanghai, Tokyo and Hong Kong advanced. Sydney retreated while in Europe, the wider pan-European STOXX 600 rose 0.3% and was trading less than 2% below its all-time high.
Shanghai, Tokyo, Hong Kong and Sydney retreated while in Europe, the pan-European STOXX 600 fell 0.6% by 08:09 GMT.
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