European stocks open higher, shrug off Asian market weakness

An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange. File photo: BLOOMBERG via GETTY IMAGES/LUKE MACGREGOREuropean shares opened firmer on Friday, shrugging off weakness in Asia as markets appeared to be slowly accepting the possibility of more Covid-19-linked activity curbs and an accelerated pace of stimulus tapering by the US Federal Reserve.

A figure close to that should confirm the Federal Reserve will accelerate the pace of unwinding its bond purchases, aschairperson Jerome Powell suggested recently. “The market is pricing some tightening in the US but we believe the real economy is less sensitive to the pricing...household balance sheets are rock-solid,” said Raphaël Gallardo, an economist at Carmignac.

News of Didi’s New York delisting, while not unexpected, worsened the mood, especially after another Asian ride hailing titan Grab fell 20% on its Nasdaq debut. Markets worldwide have seen massive swings this week, with CBOE’s volatility index, dubbed Wall Street's “fear gauge” heading for its sharpest one-week leap since February 2020. Bond and currency volatility too has surged.

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