Asian, European stocks decline

Gulf Today Report 

Asian stocks dipped on Tuesday following gains on Wall Street and reassuring comment by the US Federal Reserve of support for an economic recovery.

Shanghai, Tokyo, Hong Kong and Sydney retreated. 

The Shanghai Composite Index lost 1.2% to 3,402.27 while the Nikkei 225 in Tokyo opened higher but had declined 0.4% at midday to 29,059.91.

The Hang Seng in Hong Kong fell 1.4% to 28,494.09. Chinese search engine operator Baidu Inc. rose 0.2% on its first trading day after the company joined the Hong Kong exchange and raised $3.1 billion in a share sale.

The Kospi in Seoul shed 0.9% to 3,008.48 while Sydney's S&P-ASX 200 lost 0.1% to 6,745.40.  

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India's Sensex opened down 0.1% at 50,034.07. New Zealand and Singapore advanced while Jakarta declined.

According to Fed Chairman Jerome Powell, economic recovery is "far from complete,” despite improvement in the economy. 

Powell "kept markets happy” by saying "there was still a long way to go” before tighter monetary policy is justified, Robert Carnell of ING said in a report.

European stock 

European stocks declined on Tuesday following a new wave of coronavirus forcing countries to impose fresh restrictions. 

The pan-European STOXX 600 index fell 0.7% after a new round of sanctions aimed at China hit Asian markets.

Germany has declared an extension of lockdown until April 18 while France has recorded an increase in cases and also imposed a third lockdown. On the other hand, Austria has postponed the reopening of café and restaurants. 

British Health minister Matt Hancock said fines of 5,000 pounds ($6,900) will be introduced for people from England who try to travel abroad before the end of June.