European shares dip after strong rally, Total rises

(Reuters) – European shares dipped on Tuesday as a recent rally powered by hopes of a swifter global economic recovery and vaccine roll-outs showed signs of cooling, while shares in French oil major Total rose after its earnings recovered in the fourth quarter.

Total SE rose 1.1% after the company said its earnings recovered in the fourth quarter as oil prices stabilised, although a hit from writedowns on assets due to the COVID-19 pandemic plunged it to a $7.2 billion net loss for 2020 as a whole.

The STOXX 600 index fell 0.2%, after gaining nearly 4% so far this month against the backdrop of steady vaccine roll-outs globally and expectations that a massive stimulus package will soon be passed by U.S. lawmakers.

Germany’s DAX index was down 0.2% even as data showed German exports rose in December as robust trade with China and the United States helped.

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