New spike in Coronavirus cases drove volatility across major markets

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This week, sell pressure dominated in eight (8) of the fourteen (14) stock markets under our coverage, with Europe being the worst hit. This trend was mainly driven by the resurgence in the number of cases of Coronavirus infection in European countries such as the UK, Italy, Germany, France, and Russia, as well as in the U.S.

In the U.S., two of the three broadest market indices, the S&P 500 and the Nasdaq Composite index lost 0.10% and 0.31% w/w respectively, save for the DJIA which gained 0.52% w/w. In major markets across Europe, the UK FTSE 100, the German DAX, and France CAC 40 all lost 1.00%, 1.61%, and 0.22% w/w respectively.

New spike in Coronavirus cases drove volatility across major markets
Photo by Oluwaseyi Johnson

Mixed sentiment, however, prevailed across major Asian markets. While China’s Shanghai Composite and Hong-Kong HANG SENG indices gained 1.99% and 0.78% w/w respectively, Japan Nikkei 225 and India’s S&P BSE both lost 0.86% and 1.30% w/w respectively.

Conversely, in other emerging markets under our coverage, Egypt’s EGX 30, Brazil BOVESPA, and Argentina MERVEL all gained 0.27%, 0.92%, and 5.59% w/w respectively, save for South Africa’s FTSE which lost o.25% w/w.

Read Also:  Apple and Google Partner On COVID-19 Contact Tracing Technology
We expect the global stock market to remain volatile next week as rising cases of the Coronavirus infection continues to weigh on global recovery expectation and investors’ sentiments.
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GTI RESEARCH

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