European, Asian stocks jump on hope for strong US economic recovery

Gulf Today Report 

European stocks gained on Friday as investors balance concerns about the spike in coronavirus cases with the hope of a strong US economic recovery. 

The pan-European STOXX 600 index rose 0.6%, with mining, automakers and oil & gas stocks gave the biggest boost, technology sector also rose. 

"It has been notable this week that for all the concerns about a slowdown in Europe and a delay to an economic reopening, any dips in European stocks have been fairly shallow ones," Michael Hewson, chief market analyst at CMC Markets wrote in a note.

"This suggests that for all of the concerns about valuations, in Europe at least the appetite for stocks is still there."

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Asian stock 

Asian stocks gained on Friday following Joe Biden's pledge to double his vaccination target soothed investors recent worries over rising infections and new lockdowns in Europe.

Tokyo, Taipei, Hong Kong, Shanghai, Sydney and others recorded gains while Manila and Wellington fell. 

However, long-running concerns over inflation caused by the expected economic resurgence continue to cast a pall over trading floors, while China-US tensions have also inched back into the narrative.

Biden’s pledge of ensuring 200 million doses of Covid-19 are administered in his first 100 days in office lifted hopes that strict containment measures could be gradually lifted, allowing life to return to a semblance of normality sooner and getting people spending again.