European stocks close higher as global markets recover


European stocks closed higher on Monday after stability in bond markets following a sharp selling wave last week, while travel and entertainment stocks led the gains, supported by optimism about Covid-19 vaccination programs and a major US stimulus package.
The pan-European STOXX 600 index rose 1.8%, its best one-day performance since early November, after losing more than 2% last week. Travel and leisure shares jumped more than 3 percent.
According to “Reuters” data also showed that manufacturing activity accelerated in the economies of the major eurozone in February, which gives some confidence about an economic recovery this year, while according to a separate reading that inflation in Germany has stabilized over the month.
European stocks fell last week from their highest levels in a year, as the prospect of higher inflation and increased bond yields fueled concerns about central banks’ tightening of monetary policy.
Global stocks rose today on the back of falling revenues, while sentiment was also boosted by the distribution of a third Covid-19 vaccine in the United States, as well as progress on a $ 1.9 trillion stimulus package.
British stocks gained, supported by expectations that Finance Minister Rishi Sunak will announce more borrowing in addition to about 300 billion pounds ($ 418 billion) in COVID-19-related spending and tax cuts in Wednesday’s budget statement.


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