Global stocks rise on recovery hopes

By Ritvik Carvalho

INTERNATIONAL – Global shares rose to just shy of records highs on Monday, as optimism over a $1.9 trillion (R28.83 trillion) US stimulus plan outweighed rising Covid-19 cases and delays in vaccine supplies.

European stock markets opened higher, with the pan-European STOXX 600 up 0.3 percent. The continent’s 50 biggest stocks were also up 0.3 percent

Germany’s DAX rose 0.2 percent, Italy’s FTSE MIB index jumped 0.6 percent and Britain’s FTSE 100 rose 0.1 percent. Spain’s IBEX and France’s CAC 40 faltered, down 0.1 percent each.

A rally in US tech stocks to near record highs on Friday helped fuel gains in their counterparts in Asia and Europe. A European basket of tech stocks gained 1.2 percent. In Asia,Chinese tech giant Tencent soared 11 percent.