Summary List Placement
Global stocks held steady on Thursday ahead of the European Central Bank’s monetary policy update and despite COVID-19 lockdown restrictions in Europe being extended and cases rising globally.
As COVID-19 cases and deaths have continued to surge after last week saw the highest number of cases so far through the pandemic, lockdown restrictions have been tightened or extended in a number of countries.
India recorded the highest amount of daily cases by any country during the pandemic on Wednesday.
This has mostly impacted oil prices, with Brent crude down 0.9% and WTI down 0.8% on Thursday. This is the third consecutive day oil prices have fallen, as post-pandemic economic recovery concerns in major economies grow. The easing of restrictions in some European countries such as France could not balance out the downwards trend.
A US house panel also pushed a bill that allows for anti-trust lawsuits against OPEC to be filed, but this had little impact on the oil market.
Despite Japan being hit hard by COVID-19 in recent weeks, the Nikkei 225 recovered on Wednesday and was up 2.38% at the end of the trading day. The Hang Seng index in Hong Kong and China’s Shanghai Composite were little changed on the day, rising and falling by 0.2%, respectively.
A recovery in the US benchmark indices on Wednesday fed into some strength on Asian markets overnight. S&P 500, Nasdaq and Dow Jones futures were steady on the day, showing barely any change.
“A lack of clear new drivers has played its part with a lot of good news priced into equity valuation globally. Nerves that Covid-19 may linger for longer and vaccine effectiveness temper a buy-everything rally that is looking a little tired. All of which leads to the boisterous flip-flop price action seen this week,” …read more
Source:: Business Insider