Global markets at record highs amid stimulus and recovery hopes – business live

Global markets at record highs amid stimulus and recovery hopes – business live

5.42am EST05:42

Cryptocurrency bitcoin struck a fresh record high earlier this morning, touching $49,972 for the first time before dipping back (it's currently trading around $48,800).

5.28am EST05:28

German investor morale jumps

Investor sentiment in Germany has jumped this month, lifted by hopes that consumer spending will surge as the pandemic lockdown ends.

The ZEW economic research institute reports that its survey of investors' economic sentiment jumped to 71.2 points in February, from 61.8 in January.

Economists had expected the index to drop to 59.6, so this suggests that confidence is stronger than thought, even though Germany's lockdown has been extended into early March.

ZEW President Achim Wambach says:

"The financial market experts are optimistic about the future. They are confident that the German economy will be back on the growth track within the next six months.

Consumption and retail trade in particular are expected to recover significantly, accompanied by higher inflation expectations.“

However, ZEW's gauge of current conditions dropped to -67.2 in February, from -66.4 the previous month.

Here's some reaction:

5.27am EST05:27

The eurozone shrank slightly less than first thought at the end of 2020, new data shows, but it still faces a double-dip recession.

Eurozone GDP shrank by 0.6% in the October-December quarter, statistics body Eurostat has reported.

That's better