LONDON: World stocks and oil prices were faltering on Friday as record-setting new coronavirus cases in several U.S. states led to worries that more lockdowns may be necessary, making a quick economic recovery unlikely.
"The sharp increase in confirmed cases has led to growing concerns that a return to broad lockdowns lies ahead," Goldman Sachs wrote in a note."While lockdowns can slow down virus spread effectively, they come at very high economic cost." Gold was the only safe haven that didn't join the rush-for-safety party, sliding 0.3per cent, a day after hitting an eight-year high.
In other moves, the Australian and New Zealand dollars, which are often traded as a liquid proxy for risk because of their close ties to China's economy, both fell against the greenback.
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Source: BusinessTimes - 🏆 15. / 51 Read more »