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LONDON – European stocks were mostly higher Thursday morning, as markets react to positive momentum in the United States after final approval of President Joe Biden’s $ 1.9 trillion Covid relief bill .
The pan-European Stoxx 600 climbed 0.2% at the start of trading, as tech stocks jumped 1.5% to lead gains while banks fell 1%.
International markets are expected to react positively after the House of Representatives passed the $ 1.9 trillion stimulus package, sending it to President Biden, who is expected to sign the relief bill on Friday.
Read more: House Passes $ 1.9 Trillion Covid Relief Bill and Sends it to Biden for Signing
Asia-Pacific markets traded broadly higher on Thursday, after a relatively solid end on Wall Street overnight after the bailout was adopted. U.S. equity futures indicated another positive opening on Thursday after the Dow Jones jumped 464 points to a record closing high on Wednesday.
European markets will focus on the next move from the European Central Bank, which is due to meet on Thursday. ECB officials in recent weeks have reportedly described the rise in bond yields as an “unwarranted tightening” and a situation that needs to be watched closely.
Read more: Soaring yields are creating problems for the ECB. And it’s divided on what to do
The ECB will make its final interest rate announcement at 12:45 p.m. London time, and is expected to release macroeconomic projections for the euro area at 2:30 p.m. London time.
European profits come from Generali, Hugo Boss, Rolls-Royce, WPP, Morrisons and John Lewis Partnership.
In terms of individual share price action, French EDF climbed more than 7% to lead the Stoxx 600 in early trade, while British automaker Persimmon fell 4.6% to the bottom of the ‘index.
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