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Gulf Today Report
European stock markets rose on Monday as investors remain hopeful for vaccine and stimulus leading global economic recovery.
In the eurozone, Frankfurt's DAX 30 firmed 0.2 percent to 14,535.65 and Paris won 0.5 percent to 6,077.57. London's benchmark FTSE 100 index of major blue-chip companies added 0.4 per cent to 6,788.60 points.
Richard Hunter, head of markets at online trading firm interactive investor said "investors continue to anticipate speedy economic recoveries as the powerful forces of accelerating vaccine rollouts and significant financial assistance combine."
It is expected that the $1.9 trillion stimulus package would boost the US economy which was already showing signs of a turnaround, he added.
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Asian markets remain mixed on Monday as investors await the outcome of the Federal Reserve policy meeting.
Hong Kong, Tokyo, Sydney, Singapore and Wellington all rose but Shanghai, Seoul, Taipei, Mumbai, Bangkok and Jakarta fell. Manila lost more than two per cent after data showing a surge in new coronavirus infections in the Philippines.
The passing of $1.9 trillion stimulus package and President Joe Biden pledge to ramp up the US inoculation programme has boosted investors’ confidence.
In China, retail sales and industrial production have risen beyond expectation in the last month.
Patrik Schowitz, at JP Morgan Asset Management, said he was upbeat about the outlook for markets.
"Last week did little to challenge our conviction macro views: strong growth is ahead, driven by economic reopening and turbo-charged by fiscal stimulus and loose monetary policy," he said in a commentary.
The pan-European STOXX 600 index rose 0.4%, leisure, travel, tech and automakers led the gains.
The pan-European STOXX 600 index slipped 0.1% by 08:08 GMT. In Asia, gains were led by benchmarks in Singapore and Indonesia which both rose around 1%, while Hong Kong rose 0.1% and Australia's S&P/ASX 200 was up 0.23%.
The pan-European STOXX 600 index edged 0.02% lower in early trading.
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