European stocks, Asian shares edge higher

Gulf Today Report 

European stocks gained on Friday as investors forecast a faster global economic recovery.

The STOXX 600 gained 0.4%, its highest rise since December. It also recorded a 3.7% gain this week. 

The expectation of a large US stimulus boosted the markets and a pause in the Reddit-driven retail trading frenzy also helped lift investor sentiment.

Han Tan, market analyst at FXTM said: "global markets are now revisiting a familiar script, with investors pushing broad asset classes higher on more signs pointing to the US economic recovery." 

Banks, travel, leisure and technology led the European trade, they traded higher, suggesting a risk-on trading environment.  

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Asian shares

Asian shares advanced on Friday on hope for economic recovery from the effects of the coronavirus pandemic. 

Japan's benchmark Nikkei 225 surged 1.3% in afternoon trading to 28,716.68. Australia's S&P/ASX 200 rose 1.1% to 6,840.50, and South Korea's Kospi climbed 0.7% to 3,107.88. Hong Kong's Hang

Seng jumped 0.8% to 29,337.67, while the Shanghai Composite gained 0.5% to 3,520.70. 

Venkateswaran Lavanya of Mizuho Bank in Singapore said positive employment data in the US has lifted Asian markets. 

The gradual decline in COVID-19 cases according to global data and roll-out of vaccines has boosted hope for a rebound, added Lavanya.