Global stocks stall as US coronavirus worries overshadow state aid

Global stocks stalled as persistent fears over the mounting coronavirus caseload in the US and its weight on the economy darkened sentiment while any initial exuberance from Europe’s recovery plans waned.

Global Stocks

  • Europe’s Stoxx 600 fell 0.3 per cent, easing away from a four-month high. It was last at this height in early March just as the continent was imposing coronavirus lockdown restrictions to stem the spread of Covid-19.
  • In London, the FTSE 100 fell 0.2 per cent.
  • Frankfurt’s Dax index was flat on Wednesday, remaining on the brink of wiping out the year’s once-heavy losses.
  • Japan’s Topix index slipped 0.6 per cent on Wednesday,.

  • Australia’s S&P/ASX 200 fell 1.1 per cent.

  • Hong Kong’s Hang Seng was off 0.4 per cent.

Commodities

Uncertainty around the trajectory of the health crisis fuelled demand for certain haven assets.

  • Gold jumped 0.7 per cent to $1,857.70 an ounce.
  • Silver, propelled to multiyear price highs on hopes of a green investment boom, rose as much as 7.6 per cent.
  • The metal was recently 5.4 per cent higher at $22.65 an ounce.
  • West Texas Intermediate, the US marker, slipped 0.2 per cent to $41.84 a barrel.
  • Brent, the international benchmark, was flat at $44.30 a barrel.

Currency Markets

  • The euro was little changed at $1.1525.
  • The British pound fell 0.5% to $1.2666.
  • The onshore yuan weakened 0.3% to 7.002 per dollar.
  • The Japanese yen weakened 0.2% to 106.99 per dollar.

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