World stocks mostly slide on new coronavirus cases
Source: AP
By ELAINE KURTENBACH
BANGKOK (AP) — World shares and U.S. futures mostly slipped Thursday as investors focused on surging new coronavirus cases in the U.S. that are dimming hopes for a relatively quick economic turnaround from the pandemic downturn.
Dow futures were down 0.4% and those for the S&P 500 were off 0.3%, pointing to losses on the open on Wall Street. After broad losses in Asia, markets were somewhat more stable in Europe. London’s FTSE gave up 0.1% to 6,120, while Germany’s DAX rose 0.4% to 12,142. The CAC 40 in Paris picked up 05% to 4,894.
A rise in new infections is stoking worries that reopenings of businesses closed earlier to fight the pandemic may have to be curtailed, despite indications that economies are recovering from lockdowns that are being eased in the U.S. and other countries.
“Financial markets had the chance to reassess some of the great expectations that have underlined the asset price rally since Mid-March,” Jeffrey Halley of Oanda said in a report.
A man walks by an electronic stock board of a securities firm in Tokyo, Thursday, June 25, 2020. Shares declined in Asia on Thursday after a sharp retreat overnight on Wall Street as new coronavirus cases in the U.S. climbed to their highest level in two months, dimming investors' hopes for a relatively quick economic turnaround. (AP Photo/Koji Sasahara)
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= new reply since forum marked as read
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IMF slashes its forecasts for the global economy and warns of soaring debt levels
https://www.cnbc.com/2020/06/24/imf-global-economy-to-contract-with-coronavirus-recovery-slow.html
U.S. economy to contract by 8%
Looking at country forecasts, the United States is expected to contract by 8% this year. The IMF had estimated a contraction of 5.9% in April.
Similarly, the fund also downgraded its forecasts for the euro zone, with the economy now seen shrinking by 10.2% in 2020.
Brazil, Mexico and South Africa are also expected to contract by 9.1%, 10.5% and 8%, respectively.
In order to mitigate some of the economic impact from the pandemic, governments across the world have announced massive fiscal packages and new borrowing. As a result, public finances are seen deteriorating significantly as a result.
