In Europe, the blue-chip EuroSTOXX 50 was down 0.7 per cent to take its weekly loss to 6.9 per cent and leaving it at levels last seen in late May. — Reuters pic
“The US election, the extent of further lockdown measures, Brexit negotiations and vaccine news all present both upside and downside risks over the coming weeks and it is understandable that investors may want to proceed with caution,” said Mark Dowding, chief investment officer at BlueBay Asset Management.
“New lockdowns across Europe are being harshly repriced by markets,” Barclays equity strategist Emmanuel Cau said in a note to clients. While Brent crude enjoyed something of a bounce approaching midday in London — up 0.5 per cent and broadly in line with its US peer — it still remains down sharply on the week, facing losses of nearly 10 per cent.
Societe Generale FX analyst Kit Juckes said that given the recent imposition of a fresh lock-down in France, the positive growth data there — an 18.2 per cent quarter-on-quarter jump — was not enough to outweigh the virus concerns.