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  • Europe's major stock markets climbed on Thursday after another record-breaking US session, with sentiment boosted by news of fresh economic stimulus to combat coronavirus fallout, dealers said. Paris stocks charged 1.6 percent higher as the French government prepared to launch a gigantic 100-billion-euro ($120-billion) spending plan to bolster the nation's coronavirus-hit economy. Frankfurt jumped 1.1 percent and London gained 0.7 percent in value. "Firstly, we are seeing a bit of a catchup from the afternoon rally on Wall Street as it surged to fresh records," Oanda analyst Craig Erlam told AFP. "On top of that, a 100-billion-euro stimulus package from France, and the promise of more deficit spending from Germany next year, is a huge statement of intent. "Combined with the (eurozone) recovery package, it's clear the bloc is not going down without a fight." Equities continue to garner support from vast amounts of central bank stimulus that also seeks to encourage recovery from the Covid-19 pandemic. The European Central Bank, seeking to breathe life into the bloc's economy, has so far pumped in 1.35 trillion euros as well as cut interest rates to negative levels in order to keep borrowing costs low and boost demand. "Market participants are still very comfortable with the idea that central banks around the globe are still unleashing their support," added AvaTrade analyst Naeem Aslam. "As long as the current stock rally has support from central banks, things are likely to remain rosy." Asian equities, however, traded mixed, despite another blow-out session on Wall Street, with new vaccine hopes and central bank largesse offset by a well-below-forecast US jobs reading and tensions between Washington and Beijing. US officials have called on states to prepare to distribute a possible vaccine by November 1 -- two days before the presidential election. Payrolls firm ADP said the US added 428,000 new jobs in August -- a third of what was expected -- boding ill ahead of the release of Friday's much-anticipated government data, which is used as a guide for the state of the world's top economy. Nevertheless, the S&P 500 and Nasdaq clocked even more record peaks on Wednesday, while the Dow jumped an impressive 1.6 percent. Traders were also keeping tabs on Capitol Hill, hoping US lawmakers will at some point reach an agreement on a new stimulus package, though expectations are not high. Democratic House Speaker Nancy Pelosi said there were still big differences with Republicans following a phone call with Treasury Secretary Steven Mnuchin. The two sides remain about a trillion dollars apart in their proposals and Pelosi has said she will not give in to pressure from the White House to pass a partial deal including areas they agree on, then discuss other issues at a later date. London - FTSE 100: UP 0.7 percent at 5,983.00 points Frankfurt - DAX 30: UP 1.1 percent at 13,383.86 Paris - CAC 40: UP 1.6 percent at 5,110.75 EURO STOXX 50: UP 1.2 percent at 3,377.42 Tokyo - Nikkei 225: UP 0.9 percent at 23,465.53 (close) Hong Kong - Hang Seng: DOWN 0.5 percent at 25,007.60 (close) Shanghai - Composite: DOWN 0.6 percent at 3,384.98 (close) New York - Dow: UP 1.6 percent at 29,100.50 (close) Euro/dollar: DOWN at $1.1835 from $1.1855 at 2100 GMT on Wednesday Dollar/yen: UP at 106.25 yen from 106.18 yen Pound/dollar: DOWN at $1.3307 from $1.3350 Euro/pound: UP at 88.94 pence from 88.80 pence Brent North Sea crude: DOWN 1.4 percent at $43.81 per barrel West Texas Intermediate: DOWN 1.4 percent at $40.93 burs-rfj/bcp/cdw
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  • European equities climb on French stimulus after new US records
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