Global stocks decline as US, China fear coronavirus outbreaks

Global stocks decline as US, China fear coronavirus outbreaks”

European markets fell broadly in the open. It dropped 2.4% in London. It decreased by 2.5%, while France CAC 40 (CAC 40) It decreased by 2.6%.

Choonshik Yi, head of Asia equities at UBP Asset Management Asia Ltd., said worse-than-expected USA jobless figures last Thursday helped explain the market pullback in recent sessions. But the markets are starting to catch up with reality, and despite a slight rebound on Friday, US indicators are fast-paced for big falls beginning this week.

As much of the United States begins to reopen after the coronavirus is stopped, scientists and health experts warn of the potential of a second wave of the virus that could have devastating effects on the economy.

The US states of California, Texas and Florida saw a continuous rise in new infections over the weekend, with a mounting number of hospitalizations and deaths, as they push further into the economic re-opening up.

A second wave could undermine the extreme optimism about the economy that had catapulted United States stocks towards record highs.

More news: Putin attends first public event after months of lockdown

In China, meanwhile, signs of another wave of the virus could trigger an already slow economic recovery. However, all three readings fell below the analysts' predictions examined by Refinitiv.

"Nerves around a second wave persist in the background", wrote Stephen Innes, chief world wide markets strategist at AxiCorp, in a research note Monday. "But China's consumer-led recovery is not moving forward rapidly by any stretch of the creativity".

Even so, some economists pointed to optimistic indications. According to the China National Services Industrial Production Index, activity in the country's service sector expanded for the first time this year. The index measures changes in the production of the service sector every month.

"Overall economic output returned above 2019 levels in May for the first time since the Covid-19 target", Martin Rasmussen, China's economist for the Economic Capital, wrote in a research report. We previously believed that the Chinese economy would not return to positive growth on an annual basis until [the third quarter]. "But today's data claim that this milestone may be reached this quarter".

"People are fearful about new cases rising, but at some point when you move 45% off the lows in such a short period of time, any excuse will do to have a nice consolidation of the gains", said Thomas Hayes, managing member at Great Hill Capital Llc in NY. Brent, the global oil benchmark, dropped 3.4% to strike $37.49 per barrel. Brent and U.S. oil rates both equally plunged much more than 8% past week amid considerations of a resurgence of the pandemic.

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