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Major Wall Street indices were lower in choppy trade and European indices fell, as renewed concerns about trade relations between China and the United States raised fears of a prolonged economic recession due to the virus outbreak.
President Donald Trump said he was very disappointed with China for its inability to contain the new coronavirus, and said the global pandemic had placated its trade agreement between the United States and China.
This further shook markets after Federal Reserve Chairman Jerome Powell’s bleak outlook on the economy and the warning from US infectious disease expert Anthony Fauci that the virus was not yet under control.
Economic readings continued to reflect the pain caused by the pandemic as data showed that 2.98 million Americans applied for state unemployment benefits last week, more than economists’ estimates.
The focus is now on Friday’s retail sales data that will show the impact of staying in h
“The markets are reviewing the risk around the economic reopening and the eventual economic normalization. It is understood that the schedule may be longer than we initially thought, “said Yousef Abbasi, global market strategist at Intl FCStone.
The Wall Street fear indicator, the volatility index rose for the third consecutive day, close to a 10-day high. The top three stock indices were headed for a third consecutive day of losses.
US travel actions USA They decreased again with the S&P 1500 airline index with a drop of 8% and the hotel operator Marriott International with a drop of 1.2%.
Norwegian Cruise Line Holdings Ltd lost 1.6% as it lost a quarterly loss.
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