This translation has been automatically generated and has not been verified for accuracy.Global stocks drifted on Thursday as spiking coronavirus cases in some U.S. states and China crushed hopes of a quick global economic comeback from the pandemic.
“We were worried about a second wave and you are seeing worrying signs in some states in the US, some flare-ups in Germany and China,” Justin Onuekwusi, portfolio manager at Legal & General Investment Management. “It’s going to be a theme where we see economies having to do mini-lockdowns and isolation measures in order to contain the virus. The question is how much it affects markets.”
People’s Bank of China Governor Yi Gang added, however, that Beijing will need to consider withdrawing that support at some point. Investors rushed to the safety of bonds, with the 10-year U.S. Treasuries yield falling 2 basis points to 0.710%. In currency markets, the safe-haven Japanese yen earlier rose about 0.2% to 106.81 per dollar, while the U.S. dollar also firmed against risk-sensitive currencies.Story continues below advertisement
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Asia stocks lower after Wall Street gains on recovery hopesMajor Asian stock markets declined Wednesday after Wall Street gained on hopes for a global economic recovery and Japan's exports sank.
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