London/Sydney — Global shares skidded further from five-month peaks on Friday as a bounce back in European business activity did little to ease the jitters surrounding China-US tensions, while gold approached a record high.
Unsurprisingly, Chinese blue chips led the declines, retreating 4.4%, wiping out a week of gains. European shares were on course for their worst day in a month, with the pan-region Euro Stoxx 50 down 1.9%. Investors took little comfort from purchasing managers’ index data that showed eurozone business activity bounced back to growth in July as more parts of the economy that were locked down to curtail the spread of the coronavirus reopened.
The euro was at $1.16020, close to its highest level since October 2018, having enjoyed a winning streak for all of July, as the EU passing a €750bn recovery fund restored confidence.
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