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European equities moderately extended last week’s drop, as new virus data suggested setbacks in global efforts to contain the coronavirus pandemic, with airlines and other travel-exposed stocks leading declines.
The Stoxx Europe 600 Index was down 0.4% as of 8:20 a.m. in London, with most sectors in negative territory. German stocks rose 0.4%, while Spain’s IBEX was the worst-performing large-country benchmark with a decline of more than 1%.
Equities in the region retreated from their crisis highs last week amid concerns over global trade as Sino-U.S. relations worsened, and worsening outbreaks in some of Europe’s key export markets. Major country benchmarks diverged in their recovery, with Germany’s DAX briefly reaching a new intraday high for 2020 on Tuesday while Britain’s FTSE 100 and France’s CAC remain about 19% and 17% short of January levels, respectively.
54,953 in U.S.Most new cases today
-5% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.149 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
4.4% Global GDP Tracker (annualized), June