European stocks, Asian shares fall

Gulf Today Report 

European stocks fell on Friday as investors shift their attention to the economic impact of the surge in coronavirus. 

As European countries impose fresh lockdowns, data shows the deteriorating situation of the economy. 

Eurostoxx 50 futures were down 0.4% while futures for Germany's Dax index slipped 0.3% and those for London's FTSE fell 0.2%. 

Equities started on a great note this week before tumbling down post-inauguration. 

After a mini boost for equities earlier in the week as US President Joe Biden took office, stock markets are heading lower again.

Chris Beauchamp, chief market analyst at IG trading group said, "the optimism of earlier in the week has evaporated." 

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Asian shares

Asian shares declined on Friday as investors record profits from a recent rally of US economic stimulus led by President Joe Biden. 

MSCI's broadest index of Asia Pacific stocks outside of Japan extended losses in afternoon trading to be last off 0.6% at 720.17 points following three straight sessions of gains.

Following the Friday decline, analysts forecast a strong upswing in global growth aided by record-low interest rates. 

Australia's benchmark index eased 0.3% while Japan's Nikkei fell 0.4%. Chinese shares started on the backfoot with the blue-chip CSI300 index down 0.3% and Hong Kong's Hang Seng was off 1.4%.

Millions of people in China’s northern cities are under lockdown as COVID-19 cases surge.