Other cyclicals such as banks, travel and leisure and oil and gas extended last week's rally on hopes that a larger US stimulus under the incoming Biden administration will spur faster economic recovery.
Still, losses in defensive sectors such as healthcare, utilities and consumer staples checked gains in most markets. Britain's exporter-heavy FTSE 100 underperformed other European markets, hit by a stronger pound and a surge in new Covid-19 cases. That comes ahead of a clear improvement predicted for the first two quarters of 2021, when earnings are set to rise 40.4 per cent and 75.1 per cent respectively.
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