European And US Stocks Rebound

European and US stocks moved higher on Wednesday as investors sought bargains after two days of losses

London, (UrduPoint / Pakistan Point News - 21st Apr, 2021 ) :European and US stocks moved higher on Wednesday as investors sought bargains after two days of losses.

Meanwhile the collapse of the Super League football project comprising a dozen of the world's richest clubs hit shares in Italy's Juventus.

London stocks rose 0.5 percent one day after slumping 2.0 percent in a Europe-wide selloff on intensifying pandemic concerns.

Paris jumped 0.7 percent and Frankfurt added 0.4 percent.

"European markets are in recovery mode today, with stocks turning upward to regain lost ground after sharp declines yesterday," said analyst Joshua Mahony at trading firm IG.

"Markets are caught between optimism over vaccination progress at home, and the fact that global efforts to combat the pandemic remain reliant upon economic restrictions until vaccines are widespread." On Wall Street, stock indices opened lower, but then moved higher, with the Dow up 0.5 percent in late morning trading.

Analyst Patrick O'Hare at Briefing.com said it was normal for the stock markets to pull back as they did on Monday and Tuesday following the gains racked up in recent weeks.

"What it also typically does in the wake of selling after big runs is buy on the weakness, fortified in such pursuits by the persistence of low interest rates and tons of impatient cash looking for higher-yielding returns," he added.

Asian markets posted big falls on fears over a renewed coronavirus surge.

Countries around the world are urgently working to accelerate vaccination campaigns and revive their pandemic-ravaged economies, with new variants of the pathogen driving unprecedented infection numbers in some of the worst-hit nations.

Tokyo led the sell-off with the Nikkei down two percent by the close after the port city of Osaka -- where hospital beds for seriously ill coronavirus patients have run out -- asked the central government to impose a state of emergency.

Infections there are rising just three months before the country hosts the virus-delayed Olympics, and Tokyo and several other areas are expected to follow in Osaka's footsteps.

Mumbai fell another 0.5 percent on Wednesday as India battles a worrying virus surge and record daily case numbers overwhelm already stretched hospitals.

The capital New Delhi was locked down Monday for a week, and the government said all adults would be eligible for a vaccine from May as it tries to get a grip on the crisis.

Oil prices fell by more than one percent.

"Crude oil prices have remained under pressure as surging coronavirus cases in India dent expectations about future demand" in the world's third-largest oil market, said analyst Michael Hewson at CMC Markets UK.

The latest data on US oil inventories also dampened sentiment, showing an increase in stockpiles, confounding expectations of a drop, Hewson added.

- Super League implosion - Focus was also on the implosion of the European Super League (ESL) project after all six English clubs involved withdrew, following a furious backlash from fans and football authorities.

Atletico Madrid, Inter Milan, AC Milan and Juventus then announced Wednesday that they were pulling out, dealing a fatal blow to the ESL and whittling the original "Dirty Dozen" down to just Real Madrid and Barcelona.

Shares in publicly-listed Italian side Juventus plunged Wednesday by more than 13 percent in Milan.

England's Manchester United saw its New York stock price rise a bit more than one percent after having tumbled by six percent on Tuesday.

"Total football, total shambles," summarised Markets.com analyst Neil Wilson.

- Key figures around 1530 GMT - New York - Dow: UP 0.5 percent at 33,976.67 points EURO STOXX 50: UP 0.9 percent at 3,977.62 London - FTSE 100: UP 0.5 percent at 6,895.29 (close) Frankfurt - DAX 30: UP 0.4 at 15,195.97 (close) Paris - CAC 40: UP 0.7 percent at 6,210.55 (close) Tokyo - Nikkei 225: DOWN 2.0 percent at 28,508.55 (close) Hong Kong - Hang Seng Index: DOWN 1.8 percent at 28,621.92 (close) Shanghai - Composite: FLAT at 3,472.93 (close) Euro/dollar: DOWN at $1.2035 from $1.2036 Pound/dollar: DOWN at $1.3936 from $1.3937 Euro/pound: DOWN at 86.35 pence from 86.36 pence Dollar/yen: DOWN at 108.08 Yen from 108.11 yenBrent North Sea crude: DOWN 1.1 percent at $65.87 per barrelWest Texas Intermediate: DOWN 1.2 percent at $61.89 per barrel