Stock Markets Trade Sideways As Virus Fears Linger – Serialpressit (News)


Stock markets on both sides of the Atlantic traded within narrow bands on Tuesday as lingering fears of resurging numbers of coronavirus cases undermined investor confidence, dealers said.

On Wall Street, the Dow index reversed an early weaker trend to post slight advances by the late New York morning, building on solid gains the day before.

At the European close, London and Paris were down, while Frankfurt’s Dax boasted a small gain.

“The stock market recovery continues to send flagging signals on the back of numerous reopening setbacks,” said Craig Erlam, a senior market analyst at OANDA.

“With various states in the US halting lockdown easing or even reversing them in some cases, investors may be becoming a little concerned about what they’re seeing.”

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London underperformed its peers after a worse-than-expected UK growth contraction, gloomy corporate news from energy major Royal Dutch Shell and renewed lockdown measures in the central English city of Leicester.

“The FTSE 100 (has been) particularly hard-hit thanks to a warning from Shell which has driven that heavily-weighted stock and its peer BP firmly into the red,” said IG analyst Chris Beauchamp.

Earlier, Asian stock markets had mostly gained, backed by strong Chinese and US economic data.

China said its June purchasing managers index (PMI) of factory activity improved on May, beating forecasts. The non-manufacturing reading was also better than hoped.

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The data provided hope of an economic rebound, helped by the reopening of businesses around the world.

In Hong Kong, traders were keeping a nervous eye on Wednesday’s anniversary of the 1997 handover from Britain to China, fearing fresh clashes.

Oil prices dipped on virus-linked demand concerns and the prospect of a return to Libyan production, dealers said.

London – FTSE 100: DOWN 0.9 percent at 6,169.74 points (close)

Frankfurt – DAX 30: UP 0.6 percent at 12,310.93 (close)

Paris – CAC 40: DOWN 0.2 percent at 4,935.99 (close)

EURO STOXX 50: UP 0.1 percent at 3,234.07

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New York – Dow: UP 0.2 percent at 25,659.55

Tokyo – Nikkei 225: UP 1.3 percent at 22,288.14 (close)

Hong Kong – Hang Seng: UP 0.5 percent at 24,427.19 (close)

Shanghai – Composite: UP 0.8 percent at 2,984.67 (close)

West Texas Intermediate: DOWN 0.3 percent at $39.57 per barrel

Brent North Sea crude: DOWN 0.7 percent at $41.58

Euro/dollar: UP at $1.1249 from $1.1242 at 2100 GMT

Dollar/yen: UP at 107.84 yen from 107.58 yen

Pound/dollar: UP at $1.2368 from $1.2298

The post Stock Markets Trade Sideways As Virus Fears Linger appeared first on International Business Times.


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