European markets rise despite vaccine row

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Prosperity Investment Management provides you with a weekly update from markets across the globe.

Britain and the European Commission issued a joint statement saying they discussed developing a “reciprocally beneficial relationship” to tackle the pandemic after a row over vaccine supply. Both sides said they would work together “to create a win-win situation and expand vaccine supply for all our citizens.” It comes as markets saw a small rise amid hopes of an economic recovery, reversing earlier losses.

The United States’ major indexes were mixed for the week, as investors seemed to continue weighing optimism about reopening against inflation and interest rate concerns. Small-cap stocks lagged for the second consecutive week, signalling a potential pause or reversal in their recent market leadership.

Chinese stocks recorded a weekly gain, thanks to a rally on Friday after the country’s central bank signalled that it was not about to tighten monetary policy. The Shanghai Stock Exchange Composite (SSEC) Index rose 0.4% to 3418.3, while the large-cap CSI 300 Index ended up 0.6% at 5038.0, its first weekly gain after five straight weeks of losses.