Business

European, Asian shares rally on hope for global economic recovery

16 Feb 2021

Picture used for illustrative purpose. File

Gulf Today Report

European shares hovered on Tuesday as investors await US stimulus package that is likely to drive global economic growth.

The pan-European STOXX 600 was up 0.2% by 08:02 GMT, after jumping 1.3% in the previous session to its highest level since February 2020.

The European mining index recorded a 1.5% gain, it highest since July 2011.

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Asian shares

Asian shares rallied on Tuesday as investors bank on a rollout of coronavirus vaccines to aid global economic recovery.

MSCI's broadest index of Asia-Pacific shares outside Japan shot up 0.62%, while Japan's Nikkei rose 1.4% to a 30-year high.

In Hong Kong, the Hang Seng Index rose 1.4% to hit a 32-month high, while Australia's S&P/ASX200 gained 0.7% for the session. Mainland Chinese markets will remain closed for the holidays until Thursday.

Alex Wolf, head of Asia investment strategy at JPMorgan Private Bank said: “This is a positive factor that we are coming into the process of economic normalization."