Sat, 06 Mar 2021

European stocks steady amid Biden stimulus doubts

19 Jan 2021, 00:42 GMT+10

  • European stock markets steadied on Monday.
  • Nearing the half-way mark, London's benchmark FTSE 100 index was down 0.3%, Paris flatlined and Frankfurt added 0.2%.
  • While the reading was the weakest in four decades, it showed growth was picking up again after a devastating start to 2020 as swathes of the country were shut down.

Focus is turning to Biden's inauguration on Wednesday and hopes that his massive spending plan can get through Congress.

Stimulus concerns

"European markets have stumbled into a new week, with Biden's stimulus promises doing little to help sentiment given doubts over just how much of that package will be approved in Congress," said Joshua Mahony, senior market analyst at online traders IG.

While broadly welcomed on trading floors, Biden's $1.9 trillion stimulus proposal was unable to fuel fresh gains with the spending spree largely priced in.

Elsewhere, newly-created European carmaker Stellantis motored its way Monday onto the Paris and Milan stock exchanges.

On Monday, its shares gained 4.41% to €13.44 in Paris in midday trades, and were 6.87% higher at €13.43 in Milan.

Source: News24

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