Asian stocks mix, European stocks drop
- 02 Mar 2021
Gulf Today Report
Asian stocks remain mixed on Tuesday as investors worry about higher interest rates.
Market benchmarks in Tokyo, Shanghai and Hong Kong declined. Seoul and Sydney advanced.
The Shanghai Composite Index lost 0.3% to 3,539.91 and the Nikkei 225 in Tokyo sank 0.4% to 29,554.75. The Hang Seng in Hong Kong lost 0.2% to 29,405.45.
The Kospi in Seoul advanced 1.6% to 3,060.39 after the government reported factory production increased by a better-than-forecast 7.5% in January over a year earlier, up from December's 2.5%.
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In a report, Stephen Innes, chief analyst at Axi said "bond markets rowed back into calmer waters. Stocks should continue to move higher to the beat of the US consumer’s capacity to spend their way out of this recession.”
European stocks
European stocks decline on Tuesday as heavyweight mining and energy stocks fell due to weak commodity prices.
The pan-regional STOXX 600 index fell 0.2% in early trading.
Oil majors Royal Dutch Shell, BP and Total fell between 1% and 2% as crude prices dropped on worries about slowing demand in China.
