European shares advance, Asian shares fall

Gulf Today Report

European shares jumped on Tuesday as US leaders approve stimulus package. 

The pan-European STOXX 600 index jumped by 1%.

On Monday Britain went into strict lockdown due to the widespread of the new 70% transmissible coronavirus strain. 

Growth in UK GDP has aided in reversing loss recorded by London’s blue-chip index.

"The GDP reading ... has shielded the markets slightly," said Connor Campbell, a financial analyst at Spreadex.

The growth was led by Banks, retailers and tech stocks. 

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Asian shares 

Asian shares declined on Tuesday as investors worry about the new coronavirus strain.

Tokyo's Nikkei 225 fell 1.1% to 26,439.89. In Hong Kong, the Hang Seng edged 0.8% lower to 26,092.17. South Korea's Kospi declined 0.8% to 2,753.89. In Australia, the S&P/ASX 200 gave up 1.2% to 6,589.00. The Shanghai Composite index shed 1% to 3,388.16. 

Previously in the week, stocks, oil prices and treasury yield declined, a sign that investors are apprehensive about the economy. 

Countries around the world have restricted travel from the United Kingdom as the new strain spreads.

There is no evidence that the new strain’s mutations make it more deadly, but it seems to infect more easily than others.