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Global shares mixed as U.S. virus aid hopes fade
Global shares were mixed Tuesday, after Wall Street's overnight decline as hopes faded Washington will come through with badly needed aid for the U.S. economy before the U.S. presidential election.
Tokyo: Global shares were mixed Tuesday, after Wall Street's overnight decline as hopes faded Washington will come through with badly needed aid for the U.S. economy before the U.S. presidential election.
France's CAC 40 gained 02 per cent in early trading to 4,954.42, while Germany's DAX slipped 0.3 per cent to 12,816.44. Britain's FTSE 100 edged up 0.4 per cent to 5,910.60. U.S. shares were set for gains, with Dow futures up 0.5 per cent at 28,238. S&P 500 futures rose 0.6 per cent to 3,444.12.
Rising coronavirus caseloads are dragging on sentiment as investors consider the likelihood of further business shutdowns and other restrictions on business activity.
The situation is getting worse in Europe as it faces the second Covid-19 wave, and local governments are trying their best to bring the situation under control," said Naeem Aslam of Avatrade.com.
The current restrictive measures, which include strict lockdowns in some places, will suppress economic recovery. This particular concern was also voiced by the President of the European Central Bank, Christine Lagarde," Aslam said in a report.
The biggest focus for markets has been the fate of U.S. economic stimulus given the heavy blow from pandemic social distancing restrictions and business closures.
Japan's benchmark Nikkei 225 declined 0.4 per cent to 23,567.04, while South Korea's Kospi recouped earlier losses, gaining 0.5 per cent to 2,358.41. Australia's S&P/ASX 200 fell 0.7 per cent to 6,184.60. Hong Kong's Hang Seng inched 0.1 per cent higher to 24,569.54 while the Shanghai Composite gained 0.5 per cent to 3,328.10.
Stocks have been mostly pushing higher this month after giving back some of their big gains this year in a sudden September swoon. The benchmark S&P 500 has notched a gain in each of the past three weeks. Even so, trading often has been choppy from one day to the next, reflecting uncertainty over the timing of more stimulus for the economy.
Investors were also looking ahead to another busy week of corporate earnings reports. Across the S&P 500, analysts are expecting companies to report another drop in profits.
In energy trading, U.S. benchmark crude lost 10 cents to USD 40.73 per barrel. Brent crude, the international standard, fell 15 cents to USD 42.47 a barrel.
The U.S. dollar inched up to 105.56 Japanese yen from 105.43 yen late Monday. The euro rose to USD 1.1776 from USD 1.1769.