European stocks slip, Asian shares advance

Gulf Today Report 

European stocks declined on Monday as coronavirus cases soar across Europe and China, affecting energy and mining stocks. 

The pan-European STOXX 600 index fell 0.1% with Germany's DAX index shedding 0.4% and France's CAC 40 down 0.2%.

Despite most of Europe under strict lockdown, Germany has reported an increase in COVID-19 cases and China recorded its biggest daily increase In more than five months. 

Mining stocks shed 0.4% as a stronger dollar weighed on commodity prices.

London's blue-chip index was almost flat. 

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Asian shares

Asian shares record gains on Monday despite lockdowns in different parts of the world and signs of economic damage.

South Korea's Kospi jumped 2.5%, Australia's S&P/ASX 200 lost 0.7%, Hong Kong's Hang Seng edged up 0.2% to 27,945.18, while the Shanghai Composite added 0.4% to 3,584.97. 

In Japan, the markets were closed due to national holiday, also the Prime Minister declared a state of emergency for the Tokyo area as coronavirus cases surge. 

"A resurgence of COVID infections, with evidence of a more infectious, new strains taking hold in Asia, beyond the West, suggests that recovery and vaccine hopes also ride the back of the Tiger,” said Venkateswaran Lavanya of Mizuho Bank in Singapore, referring to the peril of the situation.