European Stocks Extend Gains, Dollar Weakens

European stock markets rose Tuesday, extending the previous session’s gains after a record-lead from Wall Street tech stocks but confidence was kept in check by ongoing China-US tensions and lack of movement on a new US stimulus, analyst said.

“The dollar continues to fall with investors expecting the Fed to maintain its expansionary monetary policy for a long time owing to concerns the persistence of COVID-19 will weigh on economic recovery,” noted Fawad Razaqzada, market analyst with ThinkMarkets. UK retailer Marks and Spencer on Tuesday announced 7,000 job cuts. In the US, Walmart reported surging e-commerce sales.Washington-Beijing unrest meanwhile took a new twist, with the US expanding sanctions on Chinese telecoms giant Huawei to further limit its access to computer chips and other US-made products.

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