Europe Stocks Attempt Rebound Despite Virus-fuelled Asian Losses

London, (UrduPoint / Pakistan Point News - 21st Apr, 2021 ) :European stocks mostly rose Wednesday despite virus-fuelled Asian losses and the collapse of the Super League football project comprising the world's dozen richest clubs, dealers said.

London stocks recovered 0.1 percent one day after slumping 2.0 percent in a Europe-wide selloff on intensifying pandemic concerns.

In the eurozone on Wednesday, Paris stocks added 0.3 percent but Frankfurt was flat.

Asia faced big falls on fears over a renewed coronavirus surge, and after Wall Street extended its retreat from last week's record peaks.

Oil prices sank as Covid worries also clouded the demand outlook ahead of weekly US crude inventories data.

- 'Recovery mode' in Europe - "European markets are in recovery mode today, with stocks turning upward to regain lost ground after sharp declines yesterday," said analyst Joshua Mahony at trading firm IG.

"Markets are caught between optimism over vaccination progress at home, and the fact that global efforts to combat the pandemic remain reliant upon economic restrictions until vaccines are widespread." Investors in Asia however nursed heavy losses on the back of the spreading health emergency in the region.

Countries around the world are urgently working to accelerate vaccination campaigns and revive their pandemic-ravaged economies, with new variants of the pathogen driving unprecedented infection numbers in some of the worst-hit nations.

Tokyo led the sell-off with the Nikkei down two percent by the close after the port city of Osaka -- where hospital beds for seriously ill coronavirus patients have run out -- asked the central government to impose a state of emergency.

Infections there are rising just three months before the country hosts the virus-delayed Olympics, and Tokyo and several other areas are expected to follow in Osaka's footsteps.

Mumbai fell another 0.5 percent on Wednesday as India battles a worrying virus surge and record daily case numbers overwhelm already stretched hospitals.

The capital New Delhi was locked down Monday for a week, and the government said all adults would be eligible for a vaccine from May as it tries to get a grip on the crisis.

- Super League implosion - Focus was also on the implosion of the European Super League (ESL) after all six English clubs withdrew following a furious backlash from fans and football authorities.

Atletico Madrid and Inter then announced Wednesday that they were pulling out, dealing a fatal blow to the ESL and whittling the original "Dirty Dozen" down to just four clubs -- Real Madrid, Barcelona, Juventus and AC Milan.

Shares in publicly-listed Italian side Juventus plunged Wednesday by more than 12 percent in Milan.

England's Manchester United saw its New York stock shed 0.5 percent in pre-market deals, having tumbled by six percent on Tuesday.

"Total football, total shambles," summarised Markets.com analyst Neil Wilson.

"Shares in Juventus and Manchester United fell as the wheels came off the ESL.

"Whilst the 'Big Six' English clubs have pulled out, the Italian and Spanish teams are still committed on paper -- I wonder how long they can eke this out." - Key figures around 1030 GMT - London - FTSE 100: UP 0.1 percent at 6,868.71 points Frankfurt - DAX 30: FLAT at 15,128.62 Paris - CAC 40: UP 0.3 percent at 6,184.07 EURO STOXX 50: UP 0.5 percent at 3,958.00 Tokyo - Nikkei 225: DOWN 2.0 percent at 28,508.55 (close) Hong Kong - Hang Seng Index: DOWN 1.8 percent at 28,621.92 (close) Shanghai - Composite: FLAT at 3,472.93 (close) New York - Dow: DOWN 0.8 percent at 33,821.30 (close) Euro/dollar: DOWN at $1.2002 from $1.2036 Pound/dollar: DOWN at $1.3927 from $1.3937 Euro/pound: DOWN at 86.16 pence from 86.36 pence Dollar/yen: DOWN at 108.07 Yen from 108.11 yenBrent North Sea crude: DOWN 1.2 percent at $65.79 per barrelWest Texas Intermediate: DOWN 1.3 percent at $61.88 per barrel.