Thursday, 29 Oct 2020 07:50 AM MYT
“Whether you call it a continuation of the pandemic or a third wave of new case discovery ― it is the largest concern,” said Art Hogan, chief market strategist at National Securities in New York. European shares closed at their lowest since late May as Germany and France ordered their countries back into lockdown, as a massive second wave of coronavirus infections threatened to overwhelm Europe before the northern winter.
Concerns over a rising wave of Covid-19 infections played out in currency and bond markets, too, with the euro slumping against the dollar.The Japanese yen strengthened 0.10 per cent versus the greenback to 104.33 per dollar, while sterling was last trading at US$1.2978, down 0.50 per cent on the day.Former Vice President Joe Biden has enjoyed a consistent lead in the polls over President Donald Trump.
Escalating coronavirus infections weighed on oil prices by stoking fears of a supply glut and weaker fuel demand. Also weighing on the market, US crude stockpiles rose more than expected last week.