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Global Markets Plunge As US Stimulus Deal Fails To Inspire Confidence, COVID-19 Cases Surge

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Global Markets Plunge As US Stimulus Deal Fails To Inspire Confidence, COVID-19 Cases Surge

U.S. lawmakers agreeing to a $900 billion stimulus bill on Sunday is not helping the global markets, as surging COVID-19 infections, looming Brexit talks, and new virus strains weigh on investor sentiment.

The Dow futures are down 0.44% and the S&P 500 futures are down 0.58% on the last check Monday. WTI crude futures have shed 3.13% to $47.70 while gold futures have climbed 0.78% to $1,903.60. Ten-year Treasury yield has fallen 4.3 bps to 0.905%.

Asia: Japan’s Nikkei 225 closed lower by 0.18% as COVID-19 cases spike.

China’s Shanghai Composite gained 0.76% on Monday as Beijing pledged policy support. The People’s Bank of China kept the prime loan rate unchanged at 3.85%.

Hong Kong’s Hang Seng fell 0.63%, driven lower by utilities and real estate stocks. November CPI data is due later today.

Australia’s S&P/ASX 200 dipped 0.08%. Retail sales data is due today.

India’s Nifty 50 index is down 2% on the last check. All sectors are trading in red, with PSU bank leading the decline.

South Korea’s KOSPI closed higher by 0.23%. PPI data is due later today.

Europe: Euro Stoxx 50 is trading lower by 2.14% at publication time, as new virus strains in the U.K. and deadlock in Brexit talks threaten the bloc’s economic recovery. December consumer confidence index is due later today.

London’s FTSE 100 has shed 1.1% at press time, as chief negotiators from the U.K. and EU were unable to bridge their difference at a Brexit meeting on Saturday afternoon. With new restrictions and halted flights, airlines and travel stocks are taking a beating. The Confederation of British Industry distributive trades survey data is due later today.

Germany’s DAX has fallen 2.22% on the COVID-19 infection spike. Bank stocks are taking the maximum hit, with Deutsche Bank AG (NYSE: DB) down 3.4% in Germany.

France’s CAC 40 has plunged 2.51% in Monday’s early trade. Banks, autos, and metal stocks are pushing the index lower.

Spain’s IBEX 35 has eroded 2.79%, with International Consolidated Airlines Group (OTC: ICAGY) shaving off a tenth of its value in Madrid.

Forex Trading: U.S. Dollar Index futures have gained 0.54% at 90.442. The dollar has strengthened against most currencies; up 0.41% against the Euro at $1.2205, up 1.99% against the Sterling Pound at $1.3251, and up 0.30% against the Japanese Yen at ¥103.62.

 

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