European stocks, Asian shares dip
Picture used for illustrative purpose. File
Gulf Today Report
European stocks dropped on Friday but still on track for the longest weekly winning streak since November 2019.
The pan-European STOXX 600 index was flat after hitting an all-time high at the open while UK's blue-chip FTSE 100 and Germany's DAX slipped 0.4% and 0.2%, respectively.
US Federal Reserve’s commitment to retain its super-easy policy has supported global sentiment.
London equities have outperformed this week, with the domestically focussed FTSE mid-cap index notching a record high as Britain gradually emerges from a strict winter lockdown.
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Asian shares
Asian shares fell on Friday following an unexpected rise in prices in China which could prompt authorities to act to cool inflation.
Shares declined in Hong Kong, Shanghai, Sydney and Seoul.
Japan’s benchmark Nikkei 225 index rebounded after falling the day before.
The Shanghai Composite index lost 0.7% to 3,456.74 and the Hang Seng in Hong Kong also fell 0.7% to 28,798.07. Australia's S&P/ASX 200 gave up 0.2% to 6,985.20 and the Kospi in Seoul declined 0.1% to 3,137.84.
According to China’s report, an increase in fuel prices pushed consumer prices up in March.
The consumer price index rose 0.4% in March compared with minus 0.2% in February, as fuel prices jumped nearly 12% from a year earlier. Prices paid by manufacturers rose 4.4% from a year earlier.
