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Thursday, July 9, 2020

Global stocks try to shake off coronavirus second wave fears

After a brutal sell-off earlier this year, share prices had risen globally over the past three months, helped by massive stimulus around the world and hopes the worst of the pandemic was over.
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Global stock market sentiments remain mixed as growing fears about a second wave of coronavirus dent prospects. (Photo: Reuters)

US stock futures recouped losses on Monday but Asian stocks wobbled as investors tried to shake off worries that rising coronavirus cases in the United States could scupper a quick economic rebound.

US S&P 500 futures ESc1 rose 0.3 per cent, having erased early losses of 1.05 per cent, while Japan’s Nikkei also recovered from early losses to trade either side of flat.

European markets, however, were poised to open lower, with EUROSTOXX 50 futures STxEc1 down 0.89 per cent and FTSE futures down 0.69 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was almost flat while mainland Chinese stocks ticked up 0.42 per cent to 3-1/2-month highs.

After a brutal sell-off earlier this year, share prices had risen globally over the past three months, helped by massive stimulus around the world and hopes the worst of the pandemic was over.

“The market is surprisingly resilient. Perhaps many investors think the uptrend is in place. But we need to keep an eye on rising coronavirus infections in some countries,” said Hirokazu Kabeya, chief global strategist at Daiwa Securities.

Highlighting economic challenges from the impact of social restrictions to contain the pandemic, Apple Inc said on Friday it would temporarily shut 11 US stores as coronavirus cases rise in some states, triggering selling in stocks.

Data from Johns Hopkins University shows new US cases on Saturday hit the highest since early May.

Read | World stocks turn higher despite worries over Covid-19 rebound

IndiaToday.in has plenty of useful resources that can help you better understand the coronavirus pandemic and protect yourself. Read our comprehensive guide (with information on how the virus spreads, precautions and symptoms), watch an expert debunk myths, and access our dedicated coronavirus page.
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