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Read our stock exchange summary and stay updated with the recent world events and their impact on stock markets in Europe, Asia, and the United States.
At the start of the session on Wednesday 8 of July, the main European stock markets are in the red, amplifying the downturn that began the day before, facing multiple signs of a resurgence of new cases of coronavirus in several regions of the world, perceived as threats for economic recovery.
The EuroStoxx 50 index was down 0.3%, the FTSEurofirst 300 by 0.12% and the Stoxx 600 by 0.2%.
In Paris, the CAC 40 lost 0.36% to 5.025.43 points after a brief passage under 5,000 points. In London, the FTSE 100 lost 0.15%, and in Frankfurt, the Dax fell 0.1%.
While California has reported a record number of new Covid-19 cases for the second day in a row, and in Australia, the government is now considering restricting returns from its citizens and permanent residents from the United States. Overseas, WHO said Tuesday that the pandemic was continuing at a brisk pace, citing the possibility of transmitting the virus by air.
Stock Market Summary
The biggest sectoral declines in Europe were for the banking sector, whose Stoxx index fell 1.16% and for the real estate sector (-0.74%).
The most marked decline in the Stoxx 600 was for Nokia, which fell 6.7%; JPMorgan lowered its recommendation to “neutral” against “overweight” by raising the risk of seeing the American operator Verizon change the preferred supplier.
In the banking sector, HSBC yields 3.53% in reaction to Bloomberg’s information that the Trump administration has studied the possibility of questioning the link between the Hong Kong dollar and the US dollar.
Electrolux gained 6.21% after having said that it expected a more limited loss for the second quarter than initially anticipated.
Asian Stock Markets
On the Tokyo Stock Exchange, the Nikkei index ended down 0.78%. The daily number of new cases of infection in Tokyo has exceeded the threshold of 100 for the second consecutive day. Still, the Minister of Economy, Yasutoshi Nishimura, estimated Wednesday that the return of the state of emergency was not necessary.
In China, the SSE Composite index of Shanghai gained 1.74%, and the CSI 300 with the country’s main capitalizations was 1.62%, which is its seventh consecutive increase.
Wall Street
Futures contracts on the main American indexes foreshadow a slight rise on Wall Street for the time being.
Tuesday, the New York Stock Exchange suffered profit-taking after its recent gains, caught up by a renewed caution facing the worse health situation in the US.
The Dow Jones index is at a loss with 1.51%, or 396.85 points, to 25,890.18 points, the S & P-500 lost as much as 34.4 points or 1.08%, and the Nasdaq Composite fell 89.76 points (-0.86%) after signing a new record in session at 10,518.98 points.
Currency Trends
The confirmed renewed aversion to risky assets barely benefits the dollar, practically unchanged against a basket of benchmark currencies.
“The atmosphere is changing day by day, but the dollar seems favored for the moment, investors being more cautious about the virus,” said Yukio Ishizuki, currency strategist at Daiwa Securities. “The Fed’s economic statements seem bleak. There are reasons to be concerned because it is difficult to see how the virus will be brought under control.”
The euro did better than resist against the greenback and climbed back to 1.1288.
The Chinese yuan is in a slight decline after two consecutive sessions of rising against the American currency.
