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European stocks trade mixed and in narrow range due to new lockdowns and slow vaccination programme

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European stocks today traded mixed and in a narrow range as new lockdowns in the continent and a slower-than-expected vaccination programme dented the economic outlook for Europe. However, European indices logged gains in early trade to be closer to a record high on optimism over a global economic recovery. 

In morning trade, the equity indices rose marginally tracking gains in Asia as investors grew confident about a strong global economic rebound from the COVID-19 pandemic, led by the United States.

European shares were mixed when reports last came in. London’s FTSC-100 fell 0.3 per cent while France’s CAC and Germany’s DAX added 0.3 per cent.

European Shares Broadly Higher In Cautious Trade

(RTTNews) – European stocks were broadly higher on Monday, even as underlying sentiment remained cautious amid concerns over increasing Covid-19 cases across the continent.

The pan European Stoxx 600 edged up 0.1 percent to 427.51 after climbing 0.9 percent on Friday. The German DAX and France’s CAC 40 index were up around 0.2 percent while the U.K.’s FTSE 100 slipped 0.1 percent.

In corporate news, Credit Suisse shares slumped as much as 14 percent after the Swiss bank warned of a “highly significant” hit to results due to its exposure to a single, unnamed client.

Domino’s Pizza Group shares rose about 1 percent. The company has signed a binding sale and purchase deal with PPH ehf., an investment consortium, for the sale of its Iceland business Pizza Pizza ehf.

BP Plc and Royal Dutch Shell were moving lower as oil prices fell on news the cargo ship blocking the Suez Canal was partially refloated.

On a light day on the economic front, central bank data out of U.K. showed that mortgage borrowing increased the most since 2016.

According to Bank of England, U.K. mortgage borrowing strengthened in February with individuals borrowing an additional GBP 6.2 billion secured on their homes as the temporary stamp duty tax relief has been extended to the end of June.

The number of mortgage approvals declined to 87,669 in February from 97,350 in January. The expected level was 95,000.

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