European, Asian stocks remain firm on US stimulus cheer
- 28 Dec 2020
Gulf Today Report
European stock steadied on Monday following US President Trump signing the new stimulus aid package.
The benchmark European stock index jumped 0.5%, its highest since Feb. 26. In Paris, the CAC 40 index rose 0.72 per cent to 5,562.04 points while in Germany, the Frankfurt DAX put on 1.26 per cent to a record 13,758.48 points.
London is closed for public holiday.
Stephen Innes, Chief Global Markets Strategist at Axi said: "with the Brexit 'argy-bargy' and the US stimulus deal now in the rear-view mirror, there is a sense of relief that we have avoided the respective worst-case scenarios, so we can start to narrow our focus for 2021."
According to analyst Timo Emden, the market is "breathing a sigh of relief" following the Brexit deal.
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Asian stock
Asian stock jumped on Monday after President Donald Trump approved a $900 billion stimulus package.
Shanghai, Tokyo and Hong Kong advanced after a three-day Christmas break.
In a report, Stephen Innes of Axi said, "the stimulus balloon will allow the markets to navigate better the number of new air pockets showing up on the radar due to the virus’s latest variant.”
The Shanghai Composite Index rose 0.3% to 3,406.69 and the Nikkei 225 in Tokyo added 0.5% to 26,798.62. The Hang Seng in Hong Kong was up less than 0.1% at 26,391.20.
In Seoul, the Kospi rose 0.4% to 2,817.79 while India's Sensex opened up 0.06% at 47,230.55.
Singapore and Jakarta advanced. Australian markets were closed.