Live Updates: COVID-19 Cases
  • World 18,366,910
    World
    Confirmed: 18,366,910
    Active: 6,108,844
    Recovered: 11,563,012
    Death: 695,054
  • USA 4,839,768
    USA
    Confirmed: 4,839,768
    Active: 2,281,363
    Recovered: 2,399,773
    Death: 158,632
  • Brazil 2,736,298
    Brazil
    Confirmed: 2,736,298
    Active: 758,021
    Recovered: 1,884,051
    Death: 94,226
  • India 1,855,331
    India
    Confirmed: 1,855,331
    Active: 585,920
    Recovered: 1,230,440
    Death: 38,971
  • Russia 856,264
    Russia
    Confirmed: 856,264
    Active: 188,464
    Recovered: 653,593
    Death: 14,207
  • South Africa 511,485
    South Africa
    Confirmed: 511,485
    Active: 155,892
    Recovered: 347,227
    Death: 8,366
  • Mexico 439,046
    Mexico
    Confirmed: 439,046
    Active: 101,906
    Recovered: 289,394
    Death: 47,746
  • Peru 428,850
    Peru
    Confirmed: 428,850
    Active: 115,049
    Recovered: 294,187
    Death: 19,614
  • Chile 361,493
    Chile
    Confirmed: 361,493
    Active: 17,810
    Recovered: 333,976
    Death: 9,707
  • Spain 344,134
    Spain
    Confirmed: 344,134
    Active: 315,662
    Recovered: ?
    Death: 28,472
  • Iran 312,035
    Iran
    Confirmed: 312,035
    Active: 24,402
    Recovered: 270,228
    Death: 17,405
  • UK 305,623
    UK
    Confirmed: 305,623
    Active: 259,413
    Recovered: ?
    Death: 46,210
  • Saudi Arabia 280,093
    Saudi Arabia
    Confirmed: 280,093
    Active: 35,089
    Recovered: 242,055
    Death: 2,949
  • Pakistan 280,029
    Pakistan
    Confirmed: 280,029
    Active: 25,172
    Recovered: 248,873
    Death: 5,984
  • Italy 248,229
    Italy
    Confirmed: 248,229
    Active: 12,474
    Recovered: 200,589
    Death: 35,166
  • Bangladesh 242,102
    Bangladesh
    Confirmed: 242,102
    Active: 101,013
    Recovered: 137,905
    Death: 3,184
  • Turkey 233,851
    Turkey
    Confirmed: 233,851
    Active: 10,607
    Recovered: 217,497
    Death: 5,747
  • Germany 212,158
    Germany
    Confirmed: 212,158
    Active: 9,330
    Recovered: 193,600
    Death: 9,228
  • France 191,295
    France
    Confirmed: 191,295
    Active: 79,501
    Recovered: 81,500
    Death: 30,294
  • Canada 117,007
    Canada
    Confirmed: 117,007
    Active: 6,482
    Recovered: 101,578
    Death: 8,947
  • China 84,428
    China
    Confirmed: 84,428
    Active: 781
    Recovered: 79,013
    Death: 4,634
  • Netherlands 55,470
    Netherlands
    Confirmed: 55,470
    Active: 49,321
    Recovered: ?
    Death: 6,149
  • Australia 18,318
    Australia
    Confirmed: 18,318
    Active: 7,475
    Recovered: 10,622
    Death: 221
  • S. Korea 14,389
    S. Korea
    Confirmed: 14,389
    Active: 808
    Recovered: 13,280
    Death: 301
  • New Zealand 1,567
    New Zealand
    Confirmed: 1,567
    Active: 27
    Recovered: 1,518
    Death: 22

Global markets sink after Fed virus warning

Author at TechGenyz Insights
Global Markets
Credit: drobotdean | Freepik

Global markets and US stock futures declined Thursday after the Federal Reserve warned the coronavirus pandemic might threaten the modest economic recovery and kept interest rates near zero.

London and Frankfurt opened lower. Shanghai, Tokyo and Hong Kong retreated after spending part of the day in positive territory.

Lower interest rates and investor optimism about a possible coronavirus vaccine have helped global markets recover most of this year’s losses. But analysts say it might be too early to bet the recovery will persist, given the rising infection numbers in the United States, Brazil and other countries.

On Wednesday, Fed Chairman Jerome Powell warned that rising U.S. cases, which have led some state governments to reimpose anti-disease measures, threaten the modest recovery from the pandemic.

The Fed said it would keep buying USD 120 billion of Treasury and mortgage bonds every month to encourage borrowing and spending, but Powell said Congress needs to take action. Legislators have yet to agree on aid after USD 600 in weekly unemployment benefits for millions of Americans run out this week.

Stephen Innes of AxiTrader Corp. said in a report –

The current situation is all about money in consumer pockets, which is precisely why fiscal policy is so much more important, – Stephen Innes

In early trading, the FTSE 100 in London lost 1.4 per cent to 6,045.65 and Frankfurt’s DAX retreated 2% to 12,565.75. The CAC 40 in France declined 0.8 per cent to 4,917.54.

On Wall Street, futures for the benchmark S&P 500 index and the Dow Jones Industrial Average were 1per cent lower.

On the S&P 500 index rose 1.2 per cent after the Fed’s rate announcement. The S&P 500, which was down 34 per cent earlier, is back within 3.8 per cent of its February record.

The Dow rose 0.6 per cent while the Nasdaq composite added 1.4 per cent.

In Asia, the Shanghai Composite Index lost 0.2 per cent to 3,286.82 and the Nikkei 225 in Tokyo gave up 0.3 per cent to 22,339.23.

The Hang Seng in Hong Kong tumbled .07 per cent to 24,710.59 after data Wednesday showed the territory’s economy shrank by 9 per cent in the quarter ending in June.

The Kospi in Seoul advanced 0.2 per cent to 2,267.01 and Sydney’s S&P-ASX 200 added 0.7 per cent to 6,051.10. India’s Sensex shed 0.6 per cent to 37,847.47. New Zealand and Jakarta advanced while Singapore and Bangkok retreated.

Also Thursday, Japan reported retail sales rose by a better-than-forecast 13.1 per cent in June over the previous month.

That means retail sales in one of the world’s biggest markets were only 0.9% lower than in February before the crisis hit, Tom Learmouth of Capital Economics said in a report.

In the United States, some companies are reporting quarterly results that exceed forecasts, though they still are well below pre-virus levels.

On Wednesday, Advanced Micro Devices rose 12.5 per cent after it reported stronger profit than Wall Street expected. Starbucks gained 3.7 per cent after it reported a loss that wasn’t as bad as analysts were expecting.

Eastman Kodak surged 318.1 per cent, gaining for a second day after the company won a USD 765 million government loan to launch a new business unit making pharmaceutical components. Shares rose to USD 33.20 from USD 2.62 on Monday.

Amazon added 1.1 per cent Wednesday, Apple rose 1.9 per cent, Facebook gained 1.4 per cent and the Class A shares of Alphabet, Google’s parent company, were up 1.3 per cent .

Gold rose to USD 1,953.50 per ounce from Wednesday’s USD 1,953.40.

Benchmark US crude lost 58 cents to USD 40.69 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 23 cents on Wednesday to USD 41.27. Brent crude, used to price international oils, shed 50 cents to USD 43.59 per barrel in London.

The U.S. dollar rose to 105.14 yen from 104.90 yen on Wednesday. The euro fell to USD 1.1734 from USD 1.1789. (AP)

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