Stocks sink on Wall Street as virus cases continue to spread

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Stocks open sharply lower on Wall Street as virus cases spread and as European countries move toward imposing more restrictions. Crude oil prices fell sharply on expectations that demand for energy would weaken even more.

People wearing face masks walk past a bank's electronic board showing the Hong Kong share index in Hong Kong, Wednesday, Oct. 28, 2020. Asian shares headed lower Wednesday on worries about rising virus counts and Washington's inability to deliver more aid to the economy.

France’s CAC 40 dropped 3.5% in early trading to 4,565.93, while Germany’s DAX dropped 3.3% to 11,663.00. Britain’s FTSE 100 lost 2.3% to 5,595.22. U.S. shares were poised for declines, with Dow futures down 1.7% at 26,893.0, while S&P 500 futures were trading at 3,335.38, down 1.5%. Policymakers in Europe “must choose between low unemployment or low COVID transmission rates. Unfortunately, they are now left dealing with the most sensitive currency of them all, people’s lives,” Stephen Innes of Axi said in a report.

Japan’s benchmark Nikkei 225 fell 0.3% to 23,418.51. South Korea’s Kospi gained 0.6% to 2,345.26. Australia’s S&P/ASX 200 rose 0.1% to 6,057.70. Hong Kong’s Hang Seng shed 0.3% to 24,708.80, while the Shanghai Composite gained 0.5% to 3,269.24.

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