Growing concerns over coronavirus and global economic recovery

Growing concerns over coronavirus and global economic recovery 150 150 Realm

Stocks were sharply lower on Wednesday with coronavirus concerns increasing and nervousness ahead of next week’s US election. European stocks suffered their worst single-day drop since late September as Germany and France announced fresh lockdown measures. Investors await the European Central Bank’s latest monetary policy decision today.

The FTSE 100 was sharply lower on Wednesday to close at its lowest level since early April. Investors fear that rising Covid-19 infections across Europe could force governments into tighter restrictions and hold back economic recovery.

US stocks also sold-off on Wednesday taking the Dow to its lowest closing level in nearly three months. The U.S. has averaged more than 70,000 new coronavirus cases a day over the past week, with 29 states setting new records this month for the most new daily cases since the pandemic began in February.

The dollar posted its largest one-day percentage rise against a basket of major currencies since mid September on Wednesday amid a general risk aversion sentiment as coronavirus infections continue to spike worldwide.

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