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Author: StockFanatic   |   Latest post: Wed, 1 Jul 2020, 2:07 PM

 

Market Commentary: Resurgence worry draws markets down

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·           US shares fell to the lowest level in more than two weeks on Friday as the sharp increase in Covid-19 cases added to economic anxiety.
·           Global cases of Covid-19 surged past 10 million and are multiplying faster than ever, a rebuff to health experts and world leaders who had hoped the virus would fade away in the summer heat.
·           The Dow slid 730.05 points, or 2.84%, to close at 25,015.55. The S&P 500 dropped 2.42% to 3,009.05. The Nasdaq Composite closed 2.59% lower at 9,757.22. A recent surge in coronavirus cases led investors to worry the resurgence could further damage the economy. The pan-European Stoxx 600 closed 0.4% lower, with most sectors and major bourses in negative territory.
·           On the bright side, economic data from China show profits at China's industrial firms rose for the first time in six months in May, suggesting the country's economic recovery is gaining traction and brightening the outlook for manufacturing investment and jobs.
·           On the policy front, China's central bank said it will implement new monetary tools to make sure liquidity reaches the real economy.
·           Upcoming US economic data and deadlines for renewing some fiscal stimulus measures in July could prove key tests for an equities rebound that has wavered in recent weeks.
·           The raft of US data this week include reports on employment, consumer confidence and manufacturing, which will be scrutinised for clues on whether a nascent rebound in the US economy remains intact.
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