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European Stocks Slump on Virus Resurgence By Investing.com

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By Peter Nurse 

Investing.com – European stock markets traded sharply lower Thursday, with investors worrying about resurgent Covid-19 infections stifling economic activity as hopes die of U.S. stimulus before the election.

At 3:45 AM ET (0745 GMT), the in Germany traded 2.4% lower, the in France fell 1.8%, while the U.K.’s index dropped 2.2%.

Concerns that a resurgence in the Covid-19 pandemic could lead governments throughout Europe to shut down their economies again has hit the confidence of investors, particularly after the recent stock rally.

New cases are hitting 100,000 daily in Europe. Nearly 20,000 infections were reported in Britain, while the French government on Wednesday declared a public health state of emergency. Hospital admissions are also now clearly on an upward trend, although the number of deaths is still far below the spring peaks.

Germany, France, the U.K., and others are in the process of instituting measures such as limited lockdowns, bar closures and other systems intended to reduce the spread of infection. 

Across the Atlantic, meanwhile, the chance of additional U.S. stimulus ahead of the elections in early November seems to have disappeared.

“Getting something done before the election and executing on that would be difficult,” U.S. Treasury Secretary Steve Mnuchin said on Wednesday, adding that he and Democrat House Speaker Nancy Pelosi are still “far apart” on their spending priorities.

Also weighing are concerns that the EU and Britain–the world’s largest trading bloc and the sixth-biggest economy–will struggle to come up with a trade deal ahead of the year-end deadline.

European Union leaders are set to meet in Brussels later Thursday to discuss progress, or the lack of it, on the tricky issues of fisheries,  competition and dispute resolution.

In corporate news, Roche (SIX:) stock fell 2.9% after the Swiss pharmaceutical major said Thursday that sales fell in the period from January to September compared with the previous year.

Ryanair (LON:) stock led airlines lower as the company said it will cut its winter schedule to 40% of capacity from the 60% it had previously aimed for.

Marston’s (LON:) stock fell 3.6% after the British pub owner warned of over 2,000 job losses as the restrictions brought in to combat the pandemic were hitting sales.

Oil prices edged lower Thursday, retreating slightly despite a larger-than-expected draw in supply amid worries about the rising number of coronavirus cases and the impact this could have on demand.

The American Petroleum Institute industry group said U.S. crude fell by 5.4 million in the week to Oct. 9, nearly double analysts’ expectations.

The U.S. Energy Information Administration is due to release its on Thursday, a day later than normal following a public holiday. Also of interest will be the meeting of the Organization of the Petroleum Exporting Countries’ joint technical committee meeting later in the day, to discuss the group’s production levels.

U.S. crude futures traded 0.6% lower at $40.80 a barrel, while the international benchmark contract fell 0.6% to $43.06.

Elsewhere, were flat at $1,907.50/oz, while traded 0.1% lower at 1.1740.

 





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Brazil’s BRF settles U.S. class action suit for $40 million: filing By Reuters

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© Reuters. Logos of Brazilian meatpacker BRF SA are seen in the headquarters in Curitiba

SAO PAULO (Reuters) – Brazilian food processor BRF SA (SA:) said on Friday the company has settled for $40 million a U.S. class action suit against certain executives, according to a securities filing.

The settlement closes all pending claims that may be brought by persons or entities that acquired American Depositary Receipts of the company between April 4, 2013 and March 5, 2018, the filing said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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AstraZeneca says its Oxford vaccine deal allows it to add up to 20% of manufacturing costs By Reuters

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© Reuters. FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the NYSE in New York

By Kanishka Singh

(Reuters) – AstraZeneca Plc (L:) said on Friday its coronavirus vaccine deal with Oxford University will allow it to add up to 20% of manufacturing costs to cover additional expenses required to be incurred by the British drugmaker.

“In addition to the manufacturing costs, the company is incurring costs in excess of $1 billion globally that include clinical development, regulatory, distribution, pharmacovigilance and other expenses”, an AstraZeneca spokesman said in a statement.

“To cover these additional expenses, the company will add an amount equivalent to a maximum of 20% of the manufacturing costs to ensure there is no material impact on its finances this year while continuing efforts to provide the vaccine at no profit during the pandemic,” the statement added.

AstraZeneca has previously signed multiple supply-and-manufacture deals for more than 3 billion doses globally.

These agreements are with companies and governments as the company gets closer to reporting early results of a late-stage clinical trial. Developed by the University of Oxford and licensed to AstraZeneca in April, the vaccine is expected to be one of the first from big pharma to secure regulatory approval.

The company had said earlier it has created multiple supply chains to ensure that access to its vaccine is timely, broad and equitable for high- and low-income countries alike.

Pricing and supply of experimental COVID-19 vaccines have been widely debated as richer countries pump billions of dollars into funding, and AstraZeneca has also been granted protection from future liability claims.

Separately, AstraZeneca resumed the U.S. trial of its experimental COVID-19 vaccine after approval by regulators, the company said on Friday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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U.S. stocks mixed at close of trade; Dow Jones Industrial Average down 0.10% By Investing.com

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© Reuters. U.S. stocks mixed at close of trade; Dow Jones Industrial Average down 0.10%

Investing.com – U.S. stocks were mixed after the close on Friday, as gains in the , and sectors led shares higher while losses in the , and sectors led shares lower.

At the close in NYSE, the fell 0.10%, while the index gained 0.34%, and the index added 0.37%.

The best performers of the session on the were UnitedHealth Group Incorporated (NYSE:), which rose 1.50% or 4.87 points to trade at 330.60 at the close. Meanwhile, Walgreens Boots Alliance Inc (NASDAQ:) added 1.41% or 0.53 points to end at 38.04 and Verizon Communications Inc (NYSE:) was up 1.10% or 0.63 points to 57.96 in late trade.

The worst performers of the session were Intel Corporation (NASDAQ:), which fell 10.58% or 5.70 points to trade at 48.20 at the close. American Express Company (NYSE:) declined 3.64% or 3.81 points to end at 100.98 and Chevron Corp (NYSE:) was down 1.13% or 0.83 points to 72.57.

The top performers on the S&P 500 were Nordstrom Inc (NYSE:) which rose 5.60% to 14.33, SVB Financial Group (NASDAQ:) which was up 3.97% to settle at 296.38 and Flowserve Corporation (NYSE:) which gained 3.93% to close at 31.75.

The worst performers were Intel Corporation (NASDAQ:) which was down 10.58% to 48.20 in late trade, Robert Half International Inc (NYSE:) which lost 8.26% to settle at 51.67 and TechnipFMC PLC (NYSE:) which was down 5.69% to 6.47 at the close.

The top performers on the NASDAQ Composite were Socket Mobile Inc (NASDAQ:) which rose 74.66% to 2.550, Marin Software Inc (NASDAQ:) which was up 62.74% to settle at 3.450 and Youngevity International Inc (NASDAQ:) which gained 55.15% to close at 0.729.

The worst performers were BiondVax Pharmaceuticals Ltd ADR (NASDAQ:) which was down 86.27% to 5.20 in late trade, Iterum Therapeutics PLC (NASDAQ:) which lost 44.71% to settle at 0.53 and Limelight Networks Inc (NASDAQ:) which was down 31.98% to 4.20 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1878 to 1153 and 104 ended unchanged; on the Nasdaq Stock Exchange, 1726 rose and 1152 declined, while 95 ended unchanged.

Shares in SVB Financial Group (NASDAQ:) rose to 52-week highs; rising 3.97% or 11.32 to 296.38. Shares in Socket Mobile Inc (NASDAQ:) rose to 52-week highs; up 74.66% or 1.090 to 2.550. Shares in BiondVax Pharmaceuticals Ltd ADR (NASDAQ:) fell to 52-week lows; losing 86.27% or 32.68 to 5.20. Shares in Iterum Therapeutics PLC (NASDAQ:) fell to all time lows; losing 44.71% or 0.42 to 0.53.

The , which measures the implied volatility of S&P 500 options, was down 1.99% to 27.55.

Gold Futures for December delivery was down 0.03% or 0.60 to $1904.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December fell 2.19% or 0.89 to hit $39.75 a barrel, while the December Brent oil contract fell 1.93% or 0.82 to trade at $41.64 a barrel.

EUR/USD was up 0.39% to 1.1862, while USD/JPY fell 0.10% to 104.72.

The US Dollar Index Futures was down 0.26% at 92.722.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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