Asian stocks rise, European shares dip
- 09 Feb 2021
Gulf Today Report
Asian stocks traded higher on Tuesday following gains on Wall Street.
Shanghai, Tokyo, Hong Kong and South Korea all advanced.
The Shanghai Composite Index gained 1.2% to 3,576.06 and the Nikkei 225 in Tokyo gained 0.1% to 29,418.23. The Hang Seng in Hong Kong rose 0.5% to 29,462.08.
The Kospi in Seoul advanced 0.4% to 3,102.72 and Sydney's S&P-ASX 200 shed 0.6% to 6,837.80.
India's Sensex opened up 0.4% at 51,582.30. New Zealand retreated while Southeast Asian markets advanced.
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European Shares
European shares dipped on Tuesday as a recent rally powered by hopes of a swifter global economic recovery and vaccine roll-outs showed signs of cooling.
The STOXX 600 index fell 0.1%, after recording almost 4% gains in February. Germany's DAX index was down 0.2% and French reinsurer Scor rose 2.8%.
Despite the decline, investors are focusing on European equities as a good investment, said, analysts.
Mike Bell, global market strategist at J.P. Morgan Asset Management said, "there is this view that Europe is getting a bump in business investment which I think is right because when that consumer spending is unleashed, it will lift corporate profits, which have so far been the field indicators of business investments."
