Gains were capped by news that the EU has slashed this year’s eurozone economic growth forecast to 3.8 percent from 4.2 percent, citing the impact of Covid-19 curbs.
Traders also have an eye on Washington, where President Joe Biden’s $1.9 trillion stimulus proposal is being discussed by lawmakers.
London stocks added 0.1 percent nearing midday, while Frankfurt won 0.6 percent but Paris turned flat in early afternoon eurozone deals.
World oil prices took a step back from recent one-year peaks after the International Energy Agency warned that the market remains fragile, as tighter restrictions are imposed to curb more contagious Covid-19 variants.
Bitcoin edged up to $46,280 after a tumultuous week which saw it surge close to $50,000 on feverish demand for the world’s most popular cryptocurrency.
The dollar declined against the euro but rose against the yen.
– ‘Investors sit on hands’ – “Markets across Europe and Asia were static on Thursday with investors sitting on their hands, waiting for progress updates on the US stimulus plan and vaccination numbers,” said AJ Bell investment director Russ Mould.
“On the UK market, healthcare and industrials did their best to spur the FTSE 100 forward but the index was held back by investors not being convinced by Royal Dutch Shell’s strategy update.”
Shell’s ‘A’ share price slid 1.7 percent to £13.40 in London after the energy giant declared that its oil output is locked in decline after peaking in 2019, as it outlined green plans to switch away from crude.
Shares in
rose around 2.0 percent after the maker of a Covid vaccine with Oxford University said its net profit more than doubled last year to $3.2 billion (2.64 billion euros) on strong sales of new cancer drugs.
Europe’s financial sector was in focus after Germany’s second-largest lender Commerzbank confirmed that it plunged into a 2.9 billion euro ($3.5 billion) net loss in 2020 on pandemic fallout and restructuring costs.
Commerzbank stock tanked 6.9 percent to 5.1 euros in Frankfurt.
On the upside, Volkswagen shares rose 1.1 percent to 163.42 euros after the German auto giant and US tech leader Microsoft revealed a tie-up to develop autonomous vehicle driving systems.
Asian stock markers closed mixed after a strong run-up in recent weeks.
Trade was thinned by holidays in major markets, notably the Chinese New Year, which will see most of the region closed for several days, while Hong Kong shut after a half-session.
Global risk assets have been on a tear since November following Biden’s election win and the authorisation of drugs to fight the virus, while optimism has been given an extra boost in recent weeks as data point to falling infections, deaths and hospitalisations.
