European shares, Asian shares advance as commodity prices gain
- Date: 23-Feb-2021
- Source: Gulf Today
- Sector:Financial Markets
- Country:Middle East
European shares, Asian shares advance as commodity prices gain
European shares advanced on Tuesday as high commodity prices overshadow corporate earnings updates and British bank HSBC recorded a decline. Europe's Eurostoxx 50 futures and Germany's DAX futures FDXc1 both gained 0. 2%, while futures for London's FTSE FFIc1 rose 0. 3%. E-mini futures for the S&P 500 advanced 0. 5%. The energy and travel stocks led the gains, while HSBC has unveiled its strategy to focus on wealth management in Asia. HSBC Holdings dropped 1. 3% after its annual profits fell sharply due to the COVID-19 pandemic. Asian shares edged higher on Tuesday due to increase in commodity prices boosting market expectations. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0. 4% to 726. 6 after dipping to 719. 8, the lowest level in two weeks. Singapore's Straits Times index put on 0. 6% and Taiwan was up 0. 2%. Hong Kong advanced 1%, while the tech-laden South Korea's Kospi lost 0. 3%. Japanese markets were closed for a public holiday. "We are in unprecedented times, but the likelihood is that low-interest rates will persist long after the world economy has shaken off the pandemic," Keith Wade, chief strategist at Schroders said in a note. The pan-European STOXX