The stock and commodity markets changed their trends, today, with the escalation of the number of infections with the Coronavirus and the dwindling hopes for an anti-vaccine announced by the American company “Pfizer” and the German “Biontech” this week.
Stock markets, oil prices and the dollar index retreated, ending a week of continuous gains, while gold rose again, at a time when most of the American states and European countries imposed more restrictions in an effort to contain the virus.
These developments come at a time when the United States, the country most affected by the epidemic, is facing the third and worst spike in the number of infections so far, while large parts of Europe impose new lockdown measures to contain Covid-19, the latest of which was Greece’s announcement of imposing a night curfew across the country. As of Friday.
** Stock markets
By 8:05 p.a., the pan-European STOXX 600 index fell 0.3 percent, after jumping earlier in the week thanks to optimism about a vaccine.
The French CAC 40 index lost 0.1 percent after French Prime Minister Jean Castex said that there would be no immediate easing of a second general isolation measure to combat the spread of Covid-19, with the number of cases currently in hospital being more than the peak of the first wave.
In early trading, the Nikkei benchmark Tokyo index fell 0.45 percent at the beginning of trading on the Tokyo Stock Exchange, and the broader Topix index fell 0.67 percent.
The stock markets today followed the main stock indexes on Wall Street, which closed sharply lower at the end of Thursday’s trading.
The benchmark Dow Jones Industrial Average ended the trading session down 317.46 points, or 1.1 percent
The broader Standard & Poor’s 500 Index lost 35.65 points, or 1 percent, 0.1 percent, to reach 3537.01 points.
Oil prices fell due to the increase in the number of HIV infections around the world, and after pessimistic reports about the demand of the International Energy Agency and the Organization of Petroleum Exporting Countries (OPEC) and a sudden rise in US crude stocks.
By 9:36 GMT, Brent crude, the benchmark North Sea crude for January delivery, fell 37 cents, or 0.85 percent, to $ 43.16 a barrel.
US West Texas Intermediate crude futures, for December delivery, fell 46 cents, or 1.12 percent, to $ 40.66 a barrel.
On Thursday, the International Energy Agency significantly lowered its forecast for global oil demand this year due to the second wave of the epidemic, likely that the upcoming vaccines will not show any significant effect before the second half of next year.
The agency expected global demand for oil this year to reach 91.3 million barrels per day, which is 8.8 million barrels less than it had forecast a month ago.
And that was preceded Wednesday by a similar cut to expectations by OPEC, which expected a decline in global demand for crude oil by 9.8 million barrels per day in 2020, compared to previous expectations of a decline of 9.5 million barrels per day.
Also on Thursday, the Energy Information Center said that US crude stocks rose by 4.3 million barrels last week, contrary to expectations for a decrease of 913 thousand barrels, in an indication of the decline in fuel demand in the United States.
Gold and dollar gave pessimism on Corona pandemic to gold, with a decline in the morale of investors back to seek a safe haven. By 9: 36 T., the nominal metal in immediate transactions increased by 0.05 percent to $ 1877.74 an ounce. The futures increased by 0.16 percent to $ 1876.30 for ounce. Gold also received support from the decline of the dollar, which has strengthened the capacity of other currency holders to buy yellow metal. By 10:30, the Dollar index, which measures the performance of the US currency fell against a basket of six major currencies, by 0.16 percent to 92.805 points
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