European shares positive for third session
European shares rose for the third session on Wednesday as focus remained on a busy day of earnings, with positive sentiment spilling over from Asian markets on hopes of a faster global economic recovery.
Siemens rose 1.8% as the German engineering company raised its 2021 outlook after beating firstquarter expectations on fasterthan-anticipated recovery from the COVID-19 downturn in China and Germany. Germany’s DAX index gained 0.8%, while the STOXX 600 index rose 0.9%. Novo Nordisk added 3.2% after the diabetes drug maker gave upbeat sales and profit forecasts for 2021.
All of the major European sector indexes were in positive territory in early trading.
Markets remained hopeful for U.S. President Joe Biden’s proposed $1.9 trillion COVID-19 aid bill as the Senate took steps to allow Democrats to pass Biden’s package without Republican support.
Asian shares and U.S. stock futures rose on Wednesday as governments around the world looked poised to boost spending to help economies recover from the coronavirus and vaccine roll-out programmes accelerated. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.58%. Australian stocks gained 0.92%. Shares in China fell 0.03%. Japan’s Nikkei added 0.9%. Shares in Seoul rose by 0.79%.
Russian authorities said they would be able to vaccinate about 700 million people this year with the Sputnik V coronavirus vaccine. Nations including India and Mexico are in talks to ink emergency deals to start administering the vaccine.
Spot silver rose 0.75% to $26.83 an ounce. That was a minor rebound from an 8% tumble on Tuesday, and analysts say the retail trader-driven rally to a near eight-year peak in the previous session has faded. Spot gold rose 0.14% to $1,840.91 per ounce. U.S. gold futures added 0.47% to $1,847.90. Oil prices continued their upswing, supported by an unexpected draw in U.S. crude stockpiles and a producer estimate of a global oil market deficit this year.
U.S. crude futures climbed 0.38% to $54.97 a barrel, just shy of a oneyear high of $55.26 hit on Tuesday. Brent crude futures rose 0.45% to $57.72 a barrel, close to their highest in more than 11 months.
This article was compiled by BOV Asset Management Limited, a member of the BOV Group. BOV Asset Management,TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000. Email: infoassetmanagement@bov.com Internet address: www.bovassetmanagement.com. BOV Asset Management is licensed by the MFSA.