Asian shares, European stocks gain

Gulf Today Report 

Asian shares gained on Wednesday in preparation of Joe Biden’s inauguration, although concerns about the surge in cases capped gains. 

Japan's benchmark Nikkei 225 slipped 0.4% to finish at 28,523.26. Australia's S&P/ASX 200 added 0.4% to 6,770.40, while South Korea's Kospi edged up 0.6% to 3,112.03. Hong Kong's Hang Seng added 0.7% to 29,835.04, while the Shanghai Composite rose 0.1% to 3,570.40. 

Investors are hopeful for Biden’s planned stimulus to aid in boosting the regional markets. 

Stephen Innes, chief global market strategist said, "Chinese New Year is less than a month away. With COVID infection numbers already on the rise again in parts of Asia, there are concerns about what the holiday season may mean for efforts to contain the virus’s spread.” 

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European stocks

European stocks on advanced on Wednesday as luxury stocks gain and investors hope for a big US fiscal relief package.

The pan-European STOXX 600 index gained 0.2% in early trading.

European bourses looked promising after US Treasury Secretary nominee Janet Yellen advocated for big fiscal spending to help the pandemic-hit economy.

Luxury stocks gave the biggest boost after Richemont posted a 5% increase in quarterly sales, led by strong growth at its jewellery brands in the Asia Pacific and the Middle East.