15.4 C
California
Tuesday, October 20, 2020

Global Shares Turn Higher After Wall Street Decline

A currency trader walks with documents at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Oct. 14, 2020. Shares were mostly lower in Asia on Wednesday after pandemic concerns snapped a four-day winning streak on Wall Street. (AP Photo/Ahn Young-joon)

Major global markets were mostly higher on Wednesday after worries over the pandemic snapped a four-day winning streak on Wall Street.

Major global markets were mostly higher on Wednesday after worries over the pandemic snapped a four-day winning streak on Wall Street.

Shares rose in Paris, London, Tokyo and Hong Kong.

Rising coronavirus counts in many countries are raising the urgency to develop vaccines and treatments and setbacks in that process tend to discourage investors.

On Tuesday, independent monitors paused enrollment in a study testing the COVID-19 antiviral drug remdesivir plus an experimental antibody therapy being developed by Eli Lilly. The company said the study was paused out of an abundance of caution. The news followed a disclosure late Monday by Johnson & Johnson, which said it had to temporarily pause a late-stage study of a potential COVID-19 vaccine due to an unexplained illness in a study participant.

In early European trading, Germany’s DAX gained 0.3% to 13,052.76 and the CAC 40 in Paris climbed 0.3% to 4,962.95. Britain’s FTSE 100 picked up 0.4% to 5,995.46. Wall Street looked poised for gains, with the future contracts for the S&P 500 and the Dow industrials both up 0.5%.

In Europe, investors were awaiting earnings reports and a speech by the European Central Bank chief, Christine Lagarde.

Meanwhile, uncertainty about the prospects for more stimulus for the economy from Washington continues to hang over markets.

As U.S. case counts heads north into October, the market is evidently still very much sensitive to the twist and turns of the vaccine development and perhaps now more than ever still lacking another fiscal injection to plug the gap into the year-end,” Jingyi Pan of IG said in a commentary.

Japan’s Nikkei 225 erased early losses to gain 0.1% to 23,626.73, while the Hang Seng in Hong Kong eked out a late gain of 0.1%, at 24,667.09. South Korea’s Kospi lost 0.9% to 2,380.48 and the S&P/ASX 200 in Australia declined 0.3% to 6,179.20. The Shanghai Composite index shed 0.6% to 3,340.78.

The Bank of Korea opted to keep its benchmark interest rate unchanged, as did Singapore’s Monetary Authority.

Overnight, the S&P 500 lost 0.6% to 3,511.93, giving back some of its gains from a day earlier.

The Dow Jones Industrial Average dropped 0.6% to 28,679.81 and the Nasdaq composite gave up an early gain, slipping 0.1% to 11,863.90. The Russell 2000 index of small-cap stocks fell 0.7%, to 1,636.85.

U.S. Senate Majority Leader Mitch McConnell said Tuesday that hes scheduling a vote on a scaled-back GOP coronavirus relief bill for Oct. 19. Democrats filibustered a GOP-drafted aid bill last month and recent talks on a larger deal with House Speaker Nancy Pelosi, D-Calif., fell apart this past weekend. In a letter to colleagues Tuesday, Pelosi called the White Houses latest proposal insufficient and said significant changes are needed.

The cold reality that markets have refused to countenance is that even if an agreement was reached, its chances of being enacted before the November election are about zero,” said Jeffrey Halley of Oanda. Still, this is 2020, the year where markets never let reality get in the way of a good story.”

In other trading Wednesday, the yield on the 10-year Treasury was steady at 0.73%, up from 0.72% late Tuesday.

Benchmark U.S. crude oil lost 16 cents to $40.04 per barrel in electronic trading on the New York Mercantile Exchange. It gained 77 cents to $40.20 per barrel on Tuesday. Brent crude, the international standard, shed 14 cents to $42.31.

The U.S. dollar weakened to 105.45 Japanese yen from 105.47 yen. The euro slipped to $1.1745 from $1.1748.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Speak Your Mind

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get in Touch

211FansLike
33FollowersFollow
41FollowersFollow

Recommend for You

‘This is insanity’: Doctors slam Trump’s drive to greet supporters outside Walter Reed hospital

US President Trump waves from the back of a car outside of Walter Reed Medical Center in Bethesda, Maryland on Ocotber 4, 2020.Alex Edelman...

Exclusive: Argentina First Country To Approve GMO Wheat

BUENOS AIRES: Argentina has approved HB4 drought-resistant GMO wheat by biotechnology firm Bioceres SA, the company and the government said on Wednesday, making it...

Why Tech Giants Limited The Spread Of NY Post Story On Biden

OAKLAND, California: When Facebook and Twitter moved quickly this week to limit the spread of an unverified political story published by the conservative-leaning...

‘Lock Up The Bidens’: Trump Picks Target For Final Stretch – His Opponent’s Family

Topline President Trump has begun focusing a disproportionate amount of his attention at campaign events on his Democratic opponent Joe Biden’s family in an...

Indian Economy to Contract by Massive 10.3% in 2020, to Bounce Back Next Year: IMF

The Indian economy, severely hit by the coronavirus pandemic, is...

Related Articles

Action Film ‘Deliver Us From Evil’ Tops Reviving Korean...

Lee Jung-jae plays a hit man out for revenge...

Flipkart, Amazon get notice for not showing this mandatory...

New Delhi: In a crackdown on e-commerce companies, the government on Friday issued notices...

Bryan Brothers Open To Playing In 2021, Add Slinger...

Bob and Mike Bryan haven't closed the door on...