Breaking News

INTERNATIONAL MARKETS-Shares slip as coronavirus worries eclipse positive China data


4 Minutes Read

* STOXX 600 down 0.4%

* Airlines, travel and leisure sectors suffer

* Asian shares increased by strong China details

* Graphic: 2020 property performance 2yaDPgn

* Graphic: World FX rates in 2020 2egbfVh

LONDON, Oct 13 (Reuters) – European shares fell on Tuesday as concerns over the coronavirus pandemic eclipsed Chinese trade data that pointed to a resilient healing, while the U.S. dollar edged far from a three-week low.The broader Euro STOXX 600 fell 0.4% in early trading, with bourses in Frankfurt, London and Paris all down by a comparable margin.Keeping markets

on edge, traders stated, was news that Johnson & Johnson was pausing its COVID-19 vaccine candidate medical trials considering that of an unusual illness in a research study participant.Investors see the fast intro of a coronavirus vaccine as vital to assisting economies bounce back. J&J’s move follows AstraZeneca stopped briefly late-stage trials of its speculative vaccine in September, also due to an individual’s inexplicable illness.The travel and leisure and automobiles sectors suffered, losing 1.7% and 0.6% respectively.Wall Street

was likewise set to lose ground, with S&P 500 futures last down 0.5%. The cynical mood rattled with earlier durability on Asian markets, which recuperated losses after Chinese data revealed exports rising 9.9 %in September and imports swinging to a 13.2% jump versus a 2.1% drop in August.The information, which suggests Chinese exporters are recovering briskly from the pandemic’s hit to abroad orders, assisted MSCI’s broadest index

of Asia-Pacific shares outside Japan gain 0.1% after earlier falling into negative territory.Chinese blue chip shares also got 0.3% after dipping early in the day. Some financiers, though, raised concerns about how strong client need would show to be.

” The issue is not necessarily how China’s trade is doing per se, nevertheless how well will customers invest in Christmas to provide some sense of normalcy in the middle of a period of terrific tension

,” mentioned Nordea Investments’ Sebastien Galy in a note.The MSCI world equity index, which tracks shares in practically 50 nations, fell 0.1%. On Monday, the Nasdaq Composite leapt 2.6 %, its greatest one-day rally in a month.Wall Street gains were driven by Apple Inc, which

surged 6.4 %ahead of the expected launching of its newest iPhone. Amazon, another of the Substantial Tech winners from the pandemic, rallied 4.8% ahead of a significant marketing event.Investors are considerably expectant of an accomplishment for Democratic prospect Joe Biden in the U.S. Presidential election next month. That would likely declare a huge stimulus bundle to help the coronavirus-battered U.S. economy. “Biden successfully leading in

the studies is removing some element of unpredictability,” mentioned Jeremy Gatto, an investment supervisor at Unigestion in Geneva.” In investors ‘minds, it’s not an issue of it we get a stimulus, but when.” A Biden win is seen by some as negative

for the U.S. dollar, offer the prospect’s pledge of greater business tax rates.Still, the greenback increased 0.2% against a basket of other significant currencies to 93.214, trying to extend a rebound from Friday’s near-three-week low of

92.997 as market players favoured the dollar over riskier currencies.The Chinese yuan fell 0.1 %to 6.7466 per dollar, after the reserve bank set a weaker than forecast midpoint, canceling any boost from the trade data.Elsewhere, the Australian dollar dropped as much as 0.6% to $0.7165, not helped by media reports China has stopped taking shipments of Australian coal.For Reuters Live Markets blog website on European and UK stock exchange, please click: Reporting by Tom Wilson; Modifying by Kirsten Donovan

Leave a Reply

Your email address will not be published. Required fields are marked *