Surging coronavirus case, the lack of progress on a Brexit trade deal and on a US stimulus package continue to weigh on sentiment.
European stocks ended notably lower on Monday as worries about continued spikes in coronavirus cases across Europe and the U.S. and tougher lockdown restrictions in several countries, including the U.K., France, Germany and Spain, raised concerns about economic recovery. Wall Street sold off on Monday and booked its worst day since early September, as coronavirus cases in the US and Europe escalate and stimulus uncertainty lingers. With the steep drop on the day, the major averages added to the losses posted last week. In an interview with CNN on Sunday, White House chief of staff Mark Meadows argued that the pandemic could not be controlled and suggested the administration would focus on vaccines and therapeutics.
The number of confirmed coronavirus cases in the United States closed in on 9 million, with California becoming the first US state to report 900,000 COVID-19 infections since the beginning of the pandemic, based on data from the Johns Hopkins University. Coronavirus trends also worsened in Texas, the second-most populous state in the US, recording an average of 5,000 new cases on Monday, its highest level in two months. The global coronavirus pandemic has now infected over 43 million people and claimed more than 1 million lives. In India, the second-worst affected country, the number of infections almost reached 7 million.
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