Business

European shares rise, Asian shares mix

30 Mar 2021

Picture used for illustrative purpose. File

Gulf Today Report

European shares rose on Tuesday boosting markets optimism of strong economic recovery and investors looked past concerns over US hedge fund default in the banking stock.

The pan-European STOXX 600 index rose 0.5% by 08:13 GMT, trading less than a per cent below its record high, with bank stocks leading the gains.

Swiss lender Credit Suisse gained by 0.8% recovering from its near 14% slide in the previous session following the likelihood of recording losses due to Archegos Capital, defaulting on margin calls.

The German DAX rose 0.6% to scale a new record peak, boosted by automakers and a 1.7% rise in Deutsche Bank.

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Asian shares

Asian shares were mixed on Tuesday following the reopening of the Suez Canal.

Japan's benchmark slipped 0.1% in morning trading to 29,347.21. Australia's S&P/ASX 200 lost early gains to fall 0.4% to 6,772.10.

South Korea's Kospi added 0.6% to 3,053.78. Hong Kong's Hang Seng gained 0.3% to 28,408.74, while the Shanghai Composite slipped 0.3% to 3,423.83.

One cause for market optimism was the reopening of the Suez Canal, one of the world’s most vital waterways, after a stuck cargo ship was freed. At least 113 of over 420 vessels that had waited for the Ever Given to be freed were expected to cross the canal by Tuesday morning Egypt time.

It's expected to take at least another 10 days to fully clear the backlog on either end.