European Stocks Fell After a Strong Rally

European stocks fell on Tuesday 9 February, after a strong rally receded, driven by hopes of a faster global economic recovery and the distribution of anti-Coronavirus vaccines, while shares of the French oil giant Total increased after its profits recovered in Q4 last year.

Total’s share increased by 1.1% after the company said that its profits recovered in the fourth quarter of last year as oil prices stabilized, but a blow from the devaluation of its assets due to the Covid-19 pandemic pushed it to record a net loss of $ 2.7 billion for the year 2020 as a whole.

The Stoxx600 index fell by 0.2%, after it had gained about 4% since the beginning of this month, against the backdrop of regular distribution rates of Corona virus vaccines around the world and expectations that US lawmakers would approve a huge stimulus package in the United States soon.

The German Dax Index fell 0.2% even as data showed a rise in German exports in December as strong trade with China and the United States supported it.