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U.S. Futures Drop on Virus Worry; Crude Oil Slips: Markets Wrap
(Bloomberg) -- U.S. equity futures slipped while Europe stocks turned higher as investors studied whether more coronavirus cases in America and other countries will keep sapping appetite for riskier assets.Automobile and insurance shares climbed the most in the Stoxx Europe 600. Deutsche Lufthansa AG jumped 16% after its biggest stockholder said he’d vote in favor of a 9 billion-euro ($10 billion) government bailout.Stocks declined in Tokyo, Sydney and Seoul, while China and Hong Kong were shut for holidays. The dollar fluctuated versus a basket of its peers. West Texas crude oil fell below $38 a barrel, while gold continued its push toward $1,800 an ounce.The pullback from equities in some markets and flight to havens reflects investor worries that lockdowns may be reimposed and economies re-opened more slowly. New infections set daily records in Texas, Florida and California. Health leaders called on the U.K. to prepare for a possible second wave, while Australia recorded its largest spike in cases since April.“The market really got the shivers over the prospect of a big increase in Covid and maybe starting to see places that were opening up have to close up, pressing the economy and lowering the prospects for the stock market,” Margie Patel, portfolio manager at Wells Fargo Asset Management, said on Bloomberg TV. “We’ve had such a great run from the end of March it’s only inevitable that we should get at least a little step back on the way to higher prices over the course of the year.”Here are some key events coming up:U.S. jobless claims, durable goods and GDP data are due Thursday.A rebalance of Russell indexes is due on Friday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-set-drop-virus-213045146.html?.tsrc=rss
(Bloomberg) -- U.S. equity futures slipped while Europe stocks turned higher as investors studied whether more coronavirus cases in America and other countries will keep sapping appetite for riskier assets.Automobile and insurance shares climbed the most in the Stoxx Europe 600. Deutsche Lufthansa AG jumped 16% after its biggest stockholder said he’d vote in favor of a 9 billion-euro ($10 billion) government bailout.Stocks declined in Tokyo, Sydney and Seoul, while China and Hong Kong were shut for holidays. The dollar fluctuated versus a basket of its peers. West Texas crude oil fell below $38 a barrel, while gold continued its push toward $1,800 an ounce.The pullback from equities in some markets and flight to havens reflects investor worries that lockdowns may be reimposed and economies re-opened more slowly. New infections set daily records in Texas, Florida and California. Health leaders called on the U.K. to prepare for a possible second wave, while Australia recorded its largest spike in cases since April.“The market really got the shivers over the prospect of a big increase in Covid and maybe starting to see places that were opening up have to close up, pressing the economy and lowering the prospects for the stock market,” Margie Patel, portfolio manager at Wells Fargo Asset Management, said on Bloomberg TV. “We’ve had such a great run from the end of March it’s only inevitable that we should get at least a little step back on the way to higher prices over the course of the year.”Here are some key events coming up:U.S. jobless claims, durable goods and GDP data are due Thursday.A rebalance of Russell indexes is due on Friday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-set-drop-virus-213045146.html?.tsrc=rss
