European, Asian shares rally on hope for global economic recovery
- 16 Feb 2021
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."