European shares, Asian shares advance as commodity prices gain

SourceGulf Today
SectorFinancial Markets
CountryMiddle east

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...read more...