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US shares slid for the fourth time prior to now 5 days as coronavirus circumstances continued to rise and a deadline on US stimulus talks loomed.
The benchmark S&P 500 closed 1.6 per cent decrease on Monday, with roughly 9 of each 10 shares within the index down on the day. The technology-heavy Nasdaq Composite declined 1.7 per cent.
In Europe, the continent-wide Stoxx 600 closed down zero.three per cent, whereas bourses in London, Frankfurt and Milan all ended the day decrease.
The retreat got here as Covid-19 circumstances elevated within the US and Europe. In latest days, Belgium has imposed new restrictions on bars and eating places and Wales has rolled out a two-week nationwide lockdown from Friday.
“Because the second wave of Covid-19 infections spreads throughout the west, some buyers could discover it onerous to look past rising circumstances and recent localised lockdowns to think about an financial restoration,” mentioned Mark Haefele, chief funding officer at UBS International Wealth Administration.
Merchants weighed the deteriorating pandemic scenario towards upbeat progress information from China and Friday’s information that drugmaker Pfizer would apply in November for emergency US approval of its Covid-19 vaccine candidate.
Traders additionally awaited information on the progress of a US fiscal stimulus bundle. Nancy Pelosi, the Democratic speaker of the Home of Representatives, mentioned on Sunday she was “hopeful” a deal might be agreed earlier than November’s presidential election, though she pressured it needed to be accredited throughout the subsequent 48 hours to move in time.
Treasuries weakened alongside the inventory market declines, with the yield on the 10-year be aware rising 1 foundation level to zero.76 per cent. Yields rise when bond costs fall.
The greenback fell towards the euro and British pound. Serving to to raise sterling, which was up zero.2 per cent to $1.294, was a tweet from Michel Barnier, the EU’s chief Brexit negotiator, who mentioned Brussels “stays obtainable to accentuate talks in London this week, on all topics”.
Brent crude, the worldwide benchmark, slipped zero.7 per cent to settle at $42.62 a barrel.
Information launched by China pointed to its gross home product rising four.9 per cent yr on yr within the third quarter, beneath expectations for five.2 per cent however forward of a three.2 per cent improve within the second quarter.
“The newest encouraging financial information from China . . . offers us an perception into the restoration in retailer when a vaccine is developed and the outbreak is contained,” Mr Haefele mentioned.
China’s CSI 300 fell zero.eight per cent however Hong Kong’s Dangle Seng and Tokyo’s Topix rose zero.6 per cent and 1.three per cent, respectively.
Further reporting by Naomi Rovnick in London
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