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16 Feb 2021 | 08:00

Europe open: Shares look for direction after Monday's gains

(Sharecast News) - European shares were looking for direction on Tuesday after sharp gains in the previous session on the back of economic recovery hopes and the long-awaited US stimulus package.

The pan-European Stoxx 600 was up 0.2%, after Monday's 1.3% rise. Regional bourses were mixed with the UK FTSE 100 outperforming, up 0.43% as the country's health service met its first Covid vaccination target of elderly people.

Germany's DAX and France's CAC were flat as investors eyed a flash GDP reading for the Eurozone, tipped to show a fourth quarter contraction of 0.7%, and German economic sentiment numbers.

With the US market closed on Monday for the President's Day holiday investors were also watching progress on President Joe Biden's $1.9trn economic rescue plan.

In equity news Glencore jumped 2.3% after reinstating its dividend, while BHP Group rose 0.3% as the world's largest listed miner posted its best first-half profit in seven years and declared a record interim dividend.

Travel company TUI and cinema chain Cineworld were high risers, likely boosted by hopes that vaccines will allow a return to more normal life by spring.
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