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Asian Stocks Fall Again After Lockdowns Spark Wall St, Europe Rout

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Asian markets sank Thursday after a meltdown in New York and Europe sparked by France reimposing a nationwide lockdown to battle a new wave of virus infections, with fears other major economies could follow suit.

With sentiment already dampened by US lawmakers’ failure to pass a new stimulus and election uncertainty, the news out of Paris was the last thing investors wanted to hear as the recovery from this year’s global financial rout was already stuttering.

France’s President Emmanuel Macron’s decision to shut down the country for a month came as Germany said it would impose drastic new curbs as experts warned hospitals would soon be overwhelmed.

Emmanuel Macron's decision to impose a fresh lockdown on France was followed by strict measures in Germany and fanned fears for the already weak economic recovery Emmanuel Macron’s decision to impose a fresh lockdown on France was followed by strict measures in Germany and fanned fears for the already weak economic recovery  AFP / Ludovic MARIN

Oil prices edged up slightly in Asia, having cratered five percent Wednesday on fears that new lockdowns will again hammer demand for the commodity.

And Innes warned: “The return of the ‘sudden stop’ economic nightmare will play a considerable role in the oil market’s mindscapes over the next few weeks, and it is this fear that keeps traders awake at night.”

Traders are keeping an eye on the release of US economic growth data for the third quarter, which is released later in the day, with estimates for a surge of about 30 percent. However, observers point out that that was helped by a multi-trillion-dollar rescue package, which has now run out.

Tokyo – Nikkei 225: DOWN 0.7 percent at 23,261.98 (break)

Hong Kong – Hang Seng: DOWN 1.3 percent at 24,377.02

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Shanghai – Composite: DOWN 0.6 percent at 3,249.49

Euro/dollar: UP at $1.1754 from $1.1749 at 2200 GMT

Dollar/yen: UP at 104.44 yen from 104.31 yen

Pound/dollar: UP at $1.2991 from $1.2987

Euro/pound: DOWN at 90.43 pence from 90.45 pence

West Texas Intermediate: UP 0.6 percent at $37.62 per barrel

Brent North Sea crude: UP 0.6 percent at $39.36 per barrel

New York – Dow: DOWN 3.4 percent at 26,519.95 (close)

London – FTSE 100: DOWN 2.6 percent at 5,582.80 (close)

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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