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The world’s stock, financial and oil markets they lived a dark day this Wednesday, due to the increase in outbreaks of the coronavirus pandemic and various latitudes, which have led the authorities of several countries to take new restrictive measures to slow the rate of new infections.
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The main European stock markets suffered heavy losses, which even in some markets such as Frankfurt, Paris or Milan exceeded 3 percent, due to the fear that the different countries of the Old Continent will approve more severe measures to try to stop the expansion of the coronavirus.
The decline of 4.17 percent in the Frankfurt stock market stands out, while Paris yielded 3.37 percent; Milan, 4.06 percent; Madrid, 2.66 percent, and London, 2.55 percent.
With the falls of this Wednesday, the European markets deepen in the losses that already were registered in the previous session. In this context of generalized fear of the possibility that Europe will return to house confinements, as happened in March, the price of Brent crude, the benchmark in Europe, closed with a drop of 4.95 percent, and left along the way, the level of 41 dollars, remaining at 39.16 dollars. In turn, Texas oil fell 5.51 percent and closed at 37.39 dollars a barrel.
Compared to the drop in oil, Ecopetrol’s share fell 6.28 on the Colombian Stock Exchange, whose Colcap index fell 3.6 percent.
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Strong rise in the dollar in Colombia
This situation of decline in the crude oil and stock markets led investors in Colombia bThey will seek refuge in the dollar, causing the currency to trade on average during the day at 3,840.55 pesos in the interbank foreign exchange market, for an increase of more than 30 pesos compared to the representative market rate of 3,810.23 pesos per dollar, according to the report of the Bank of the Republic.
According to Colombi Stock Exchangea, the opening price of the day was 3,845 pesos and the maximum level reached in any transaction was 3,854 pesos per dollar.
Covid and elections weigh in New York
Meanwhile, in New York, shares ended sharply lower on Wednesday. He
Dow Jones fell 3.43 percent to 26,520.97 points and Nasdaq technology 3.73 percent to 11,004.86 units, while the expanded S&P 500 index lost 3.53 percent to 3,271.03 points. This is the biggest stock market crash since June.
The New York stock market reacted pessimistically to the increase in cases of covid-19 in the United States and Europe and the certainty that new confinement and economic closure measures will be necessary, which will again impact the recovery, which in Summer began to show weak signs of improvement.
The increase in coronavirus cases in the US is joined by the decision of the Republican majority in the Senate to close the door to a possible vote on a new economic stimulus package in the country before the general elections, which will be held within week long and polls favor Democrat Joe Biden.
“Uncertainty about covid-19, the mobility restriction and US policy translate into volatility, which will remain high for the remainder of the year,” said Mark Haefele, Head of Investments at UBS.
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ECONOMY AND BUSINESS WITH INFORMATION FROM AGENCIES
