European shares, Asian shares advance as commodity prices gain
- 23 Feb 2021
Gulf Today Report
European shares advanced on Tuesday as high commodity prices overshadow corporate earnings updates and British bank HSBC recorded a decline.
The benchmark eurozone stock index jumped by 0.1%.
Europe's Eurostoxx 50 futures and Germany's DAX futures FDXc1 both gained 0.2%, while futures for London's FTSE FFIc1 rose 0.3%. E-mini futures for the S&P 500 advanced 0.5%.
The energy and travel stocks led the gains, while HSBC has unveiled its strategy to focus on wealth management in Asia. HSBC Holdings dropped 1.3% after its annual profits fell sharply due to the COVID-19 pandemic.
READ MORE
Gold prices climb as dollar, yields ease
Japan-UAE long-time economic ties remain robust with US22.4bn trade in 2020: Japanese minister
Asian stock
Asian shares edged higher on Tuesday due to increase in commodity prices boosting market expectations.
MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4% to 726.6 after dipping to 719.8, the lowest level in two weeks.
Singapore's Straits Times index put on 0.6% and Taiwan was up 0.2%. Hong Kong advanced 1%, while the tech-laden South Korea's Kospi lost 0.3%. Japanese markets were closed for a public holiday.
"We are in unprecedented times, but the likelihood is that low-interest rates will persist long after the world economy has shaken off the pandemic," Keith Wade, chief strategist at Schroders said in a note.
