Asian stocks gain, European stocks decline

Gulf Today Report 

Asian stocks gained on Monday on the hope of economic recovery still on track, despite the increase in COVID-19 cases in the region.

China's blue-chip CSI 300 index fell 0.7% after hitting its highest level since April 6 earlier in the day. Australia's benchmark share index was off 0.2% with a public holiday in five of the country's eight states and territories.

South Korea's KOSPI share index rose 0.7% while New Zealand shares added 0.6% and Japan's Nikkei reversed early losses to be up 0.4%.

In a note, ANZ economists said, "We estimate that the economy will close the output gap and rise above potential in the second half of this year."

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So far, risk assets such as equities have done well, with the MSCI ex-Japan index on track for a third straight year of positive returns. Since April 2020, the index has offered positive returns in all but three months.

European stock 

European stocks dropped as trading open on Monday, despite Asian stocks recording gains.

London's benchmark FTSE 100 index dipped 0.2 per cent compared with the closing level on Friday, to 6,926.18 points.

In the eurozone, the Paris CAC 40 index also fell 0.2 per cent to 6,248.84, but Frankfurt's DAX 30 rose 0.2 per cent to 15,302.37.