European shares, Asian stock gain

Gulf Today Report

European shares increase on Wednesday following reports of Brexit trade deal likely to be struck later in the day. 

The pan-European STOXX 600 index traded 0.4% higher. But London’s FTSE index straggled following pound recording gains. 

Germany luxury carmaker, Daimler led the STOXX 600 gain, it advanced by 2.7%. 

Asian stock 

Asian stock jumped on Wednesday after President Donald Trump threatened to not sign the relief bill and World Bank expectations for China’s growth. 

Shanghai, Tokyo, Hong Kong and South Korea gained in preparation for the Christmas holiday.  

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Despite the Asian gain, investors are still worried about the effect of the new coronavirus strain on the pace of global economic recovery. 

The Shanghai Composite Index rose 1% to 3,391.05 and the Nikkei 225 in Tokyo added 0.3% to 26,470.94. The Hang Seng in Hong Kong gained 0.6% to 26,268.17.

The Kospi in Seoul climbed 0.8% to 2,754.35 and Australia's S&P-ASX 200 was 0.6% higher at 6,638.60. 

India's Sensex opened 0.5% higher at 46,228.23. New Zealand, Singapore and Bangkok advanced while Indonesia declined. 

The World Bank has said it has high expectations for China’s economy to grow by 2% this year. 

According to the World Bank report, "economic activity in China has normalized faster than expected, aided by an effective pandemic-control strategy, strong policy support and resilient exports.”