European, Asian stocks record decline
- 29 Jan 2021
Gulf Today Report
European stock index futures decline above 1% on Friday based on retail trading frenzy that struck Wall Street this week.
Futures tracking an index of Europe's top 50 stocks were down 1.2%. London's blue-chip index futures dropped 1.1% and Germany's DAX futures declined 1.2%.
Worries surrounding the impact of the new coronavirus strain in Europe has affected the economy.
Asian stocks
Asian stocks fell on Friday due to concerns about surge in coronavirus cases and US economic aid plans.
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Shanghai, Tokyo, Hong Kong and Seoul all retreated.
The Shanghai Composite Index lost 0.5% to 3,487.45 and the Nikkei 225 in Tokyo shed 1.9% to 27,671.79. The Hang Seng in Hong Kong sank 0.5% to 28,409.72.
The Kospi in Seoul tumbled 2.7% to 2,985.55 and the S&P-ASX 200 in Sydney lost 0.6% to 6,607.40.
India's Sensex opened up 0.2% at 46,974.36. New Zealand advanced while Southeast Asian markets declined.
Virus infection spike in Europe and Asia has led to travel restrictions, thereby affecting the markets.
In a report, Stephen Innes of Axi said, "we are still moving towards a recovery from the pandemic, just a heck of a lot bumpier than anyone had expected.”