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Global stocks have also fallen the most since late October, after day traders hatched equity bets disrupted hedge funds and tense trading platforms.
Global stocks collapsed in a broad retreat that spilled over to all sectors, amid lingering concerns that retail was wreaking havoc and as traders mulled over uncertain prospects for deploying vaccines against coronavirus. Treasury yields have increased.
The S&P 500 Index fell nearly 2%, turning negative for the year and posting its largest weekly decline in three months, as day traders’ offers for heavily shorted stocks that fueled hedge funds are expected to reduce their market exposure. GameStop Corp. and AMC Entertainment Holdings Inc. have skyrocketed in a return of volatility for popular stocks in internet chat rooms, as brokerages announced they would begin to ease trading restrictions imposed after sharp swings this week.
Global stocks have also fallen the most since late October, in part due to turmoil from hordes of day traders hatching from equity bets that rocked hedge funds and strained trading platforms. Meanwhile, investors have been left to reflect on the outlook for the pandemic, as Johnson & Johnson said their vaccine in a single injection generates strong protection against Covid-19, although it is less effective against the southern variant. -african. The European Union has stepped up the fight for vaccine supplies with an emergency plan to restrict exports.
“Extended and stricter lockdowns do not bode well for the economy,” said Carsten Brzeski, global macro manager at ING Groep. “Demand from China could also weaken due to lockdowns.”
The Stoxx Europe 600 fell almost 2% in a large drop. Swedish retailer Hennes & Mauritz AB fell after warning it was still in ‘crisis mode’, with 40% of stores closed. Bootmaker Dr. Martens Plc jumped 22% at the end of its first day of trading in London.
Elsewhere, an overabundance of cash has lowered short-term US dollar borrowing costs. But in China, the money market rate hit its highest level in nearly six years, reflecting tighter financial conditions even after the central bank first extended the credit this week.
Here are the main movements in the markets:
Stocks
- The S&P 500 Index fell 1.9% at 4 p.m. in New York.
- The Stoxx Europe 600 index fell 1.9%.
- The MSCI Asia Pacific index fell 1.6%.
- The MSCI Emerging Markets index fell 1.6%.
Currencies
- The Bloomberg Dollar Spot Index rose 0.3%.
- The euro strengthened 0.1% to $ 1.2135.
- The British pound slipped 0.2% to $ 1.3698.
- The yen fell 0.5% to 104.73 per dollar.
Obligations
- The yield on 10-year treasury bills rose four basis points to 1.09%.
- Germany’s 10-year yield climbed two basis points to -0.52%.
- The UK’s 10-year yield rose four basis points to 0.325%.
Basic products
- West Texas Intermediate crude fell 0.2% to $ 52.22 a barrel.
- Gold rose 0.1% to $ 1,844.93 an ounce.
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