Stock Markets Mark Time, Mull Excessive Valuations
Sumaira FH 13 days ago Mon 22nd February 2021 | 10:50 PM
European stock markets were in idle mode Monday as falling infection rates and upbeat vaccine news failed to allay nagging concerns over high share valuations and inflation
London, (UrduPoint / Pakistan Point News - 22nd Feb, 2021 ) :European stock markets were in idle mode Monday as falling infection rates and upbeat vaccine news failed to allay nagging concerns over high share valuations and inflation.
Even though the United States has reported almost 500,000 Covid deaths, optimism is rising as governments pursue immunisation programmes that should allow economies to recover.
The Ifo institute's monthly confidence barometer, based on a survey of 9,000 companies, climbed to 92.4 points from 90.3 points in January, when tougher measures to fight the pandemic were introduced.
But European stock markets "have kicked off the week on a somewhat unstable footing, with the fears over rising inflation and (US) Treasury yields once again dampening sentiment on a day that had promised to be dominated by reopening hopes", noted Joshua Mahony, senior market analyst at the IG trading group.
Bitcoin fell to below $54,000, having hit another record high of $58,350 and passing $1 trillion in market capitalisation.
Concern is also growing that an expected recovery and US stimulus package will fuel a surge in inflation, and that the Federal Reserve would then crank up record-low interest rates.
- Key figures around 1645 GMT - EURO STOXX 50: DOWN 0.2 percent at 3,704.96 points New York - Dow: UP less than 0.1 percent at 31,511.95 London - FTSE 100: DOWN 0.2 percent at 6,612.24 (close) Frankfurt - DAX 30: DOWN 0.3 percent at 13,950.04 (close) Paris - CAC 40: DOWN 0.1 percent at 5,767.44 (close) Tokyo - Nikkei 225: UP 0.5 percent at 30,156.03 (close) Hong Kong - Hang Seng: DOWN 1.1 percent at 30,319.83 (close) Shanghai - Composite: DOWN 1.5 percent at 3,642.44 (close) Pound/dollar: UP at $1.4074 from $1.4004 at 2130 GMT on Friday Euro/dollar: UP at $1.2151 from $1.2114 Euro/pound: DOWN at 86.35 pence from 86.48 pence Dollar/yen: DOWN at 105.04 Yen from 105.46 yenBrent North Sea crude: UP 2.5 percent at $64.50 per barrelWest Texas Intermediate: UP 3.0 percent at $60.99 per barrel