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Equity markets mixed as coronavirus dogs sentiment

19 September 2020 12:00 am - 0     - {{hitsCtrl.values.hits}}

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 LONDON (AFP) - Asian and European markets traded mixed yesterday with investors anxious over the reimposition of coronavirus restrictions, the stuttering global economic recovery, and US lawmakers’ failure to agree on new stimulus.


In Europe, London and Paris stocks slid but Frankfurt clung onto positive territory, after a lacklustre performance in Asia. The dollar fell against its main rivals.


World oil prices rose after Saudi Arabia pressed cartel OPEC and its allies to comply fully with production cuts to help stem this year’s virus-driven losses.


Investors are on tenterhooks because the Covid-19 pandemic shows no sign of easing, as fresh spikes around the world see the reimposition of some containment measures
including lockdowns.


Britain’s government on Friday warned that it could re-impose a national lockdown across England to combat rising Covid-19 infections, noting that hospitalisation rates are doubling every eight days.


It follows tighter regulations on socialising in England’s northeast, affecting some two million people.


“The threat of further a second round of Covid-19 restrictions ... has dented confidence, with the travel sector in particular feeling the heat as we head into the weekend,” said Joshua Mahony, senior market analyst at online trading firm IG.


Traders are now growing increasingly worried about how long it will take to get the world economy back on track, amid reports England could impose a two-week blanket
lockdown in October. 


In London, virus concerns overshadowed upbeat official data showing that British retail sales continued their
recovery in August.


The FTSE is lagging behind ... as fears of a second lockdown overshadow upbeat retail sales,” added City Index analyst Fiona Cincotta.

Trillions of dollars in government and central bank cash have provided much-needed support to economies particularly equity markets and none more so than in the United States.


The Bank of England had indicated Thursday that it was preparing the ground for a possible policy of negative interest rates to kickstart the battered UK economy.


And with the first massive US rescue package having run its course and Federal Reserve monetary policies such as record-low interest rates having limited effect, pressure is growing on Congress to come up with more help, with the head of the central bank leading the calls.


But there is little hope Republicans and Democrats are anywhere close to reaching a compromise after weeks of bickering.


With nearly 30 million Americans receiving government help, observers said there was growing concern about the impact on the crucial consumer sector that drives the world’s top economy.


While the Fed essentially said Wednesday that interest rates would remain low for at least three years, analysts said that the pledge had disappointed those hoping for more stimulus.


On the corporate front, the London Stock Exchange Group on Friday said it had entered “exclusive” talks to sell Milan’s Borsa Italiana to pan-European stock market operator Euronext.


Euronext, operator of the exchanges of Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris, now has the edge over rival offers from Swiss exchange operator SIX Group and German giant Deutsche Boerse.


The LSEG has been exploring the sale to help gain EU approval for its long-planned purchase of US financial data provider Refinitiv.

 

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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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