Asian shares, European stocks record gains
- 08 Mar 2021
Gulf Today Report
Asian shares jumped on Monday following the passage of US stimulus bill increasing optimism for global economic recovery.
Shares in Taiwan, India and Thailand were higher, as upbeat Chinese exports data also underpinned risk appetite.
Higher US yields also kept the pressure on Asia's bond markets and valuations.
The US Senate passed the COVID-19 relief plan on Saturday and US President Joe Biden said he hoped for a quick passage of the revised bill by the House of Representatives.
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On the other hand, the Philippine shares fell more than 1%, stocks in Indonesia and the rupiah dipped.
European stocks
European stocks recorded gains on Monday as market focus on soaring oil prices.
London's benchmark FTSE 100 index climbed 0.6 per cent to 6,669.48 points, rebounding from modest losses on Friday. In the eurozone, Frankfurt's DAX 30 index gained 0.7 per cent to 14,019.37 points and the Paris CAC 40 rose 0.6 per cent to 5,818.56.
The European Central Bank convenes later in the week and is expected to look closely at possible price pressures as economies rebound on the easing of coronavirus restrictions.
