European stock and Asian shares drop

Gulf Today Report

European stocks fell on Tuesday as defensive sectors record losses in oil and retail stocks.

The pan-European STOXX 600 index fell by 0.2% while the UK's FTSE 100 rose 0.3%. 

The domestically focussed midcap index gained 0.6% as UK's finance minister Rishi Sunak announced plans to support businesses struggling under a third COVID-19 lockdown.

Restrictions don’t seem to have much effect on traders as investors remain optimistic due to the vaccine, said David Madden, an analyst at CMC Markets. 

Utilities, healthcare and food & beverage led the fall in European sectors.

Germany's DAX index inched 0.2% lower with the government looking to extend a lockdown, while France's CAC 40 slipped 0.3%. 

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Indian shares decline from record highs

Asian shares 

Asian shares slipped on Tuesday as concerns about soaring coronavirus cases in the region heighten.

Japan's benchmark Nikkei 225 edged 0.1% lower in morning trading to 27,232.38 

Australia's S&P/ASX 200 slipped 0.2% to 6,669.90. South Korea's Kospi was little changed, gaining less than 0.1%, at 2,944.98. Hong Kong's Hang Seng fell nearly 0.1% to 27,448.20, while the Shanghai Composite dipped 0.1% to 3,498.65. 

Japan's prime minister said the government is considering declaring a state of emergency to curtail the spread of the virus.