December 10, 2023

The Queens County Citizen

Complete Canadian News World

Markets hit by coronavirus second-wave fears, as gold touches one-month high – business live | Business

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Anxiety over a possible second wave of Covid-19 infections is knocking investors’ confidence this morning, undermining hopes of a bounceback in growth as economies reopen.

Traders got a jolt on Friday night, when Apple announced it was shutting some US stores in four states following a jump in coronavirus cases.

Then over the weekend, Germany’s R rate jumped over the crucial 1 level, meaning the virus is spreading at a faster rate again in Europe’s largest economy. That appears to be linked to a rash of infections at an abattoir in northern Germany last week.

Holger Zschaepitz

Good Morning from #Germany where Coronavirus infection rate has shot up to its highest level for weeks after >1,000 abattoir employees tested positive for virus, sparking debate about working conditions in its meat processing industry. Reproduction rate spikes to 2.88, from 1.06.

June 22, 2020

Over in Florida, new Covid-19 cases rose steadily last week after its economy reopened.

And in Australia, authorities are battling a coronavirus outbreak in Melbourne — just weeks after authorities lifted restrictions.

The picture is a little brighter in Italy, where 24 Covid-19 deaths were reported on Sunday, down from 49 on Saturday. However, on Friday Italy’s top health agency flagged up “warning signs” of new coronavirus transmission, especially over outbreaks of cases in Rome.

Mark Lowen

#Italy‘s death toll drops to 24, lowest since March 2nd. Infection figures stable: 224 new cases (up 0.09%), current infections down by 240 (40,500 tests). ICU occupancy falls below 150 from height of 4,000. As Italy emerges from the darkness, its statues and seagulls look on.

June 21, 2020

It all reminds the markets that recent progress in curbing the pandemic in Europe and the US could unravel as policymakers try to relax lockdown rules. As a result, European markets are heading for a weak open with the FTSE 100 currently expected to fall over 1%.


European Opening Calls:#FTSE 6249 -0.69%#DAX 12223 -0.88%#CAC 4938 -0.82%#AEX 563 -0.88%#MIB 19418 -1.02%#IBEX 7368 -0.62%#OMX 1665 -0.18%#STOXX 3238 -0.95%#IGOpeningCall

June 22, 2020

Analyst Fiona Cincotta of City Index explains:

Even though the number of cases in Germany is low, the rise is unnerving. The markets will be watching developments closely here. Germany has been relatively successfully in keeping deaths low and reducing the spread quickly in the first wave, investors will need to this second wave nipped in the bud to boost optimism that a second wave won’t be as devastating the first.

Meanwhile, in the US states such as California and Florida are still seeing the number of cases rise. Apple announced that it will be shutting 11 stores owing to rising cases in some states adding to investor woes. On a positive, the recent outbreak in Beijing appears to be fading.

Globally, the pandemic is still accelerating. Yesterday, the World Health Organization on Sunday reported the largest single-day increase in coronavirus cases by its count, at more than 183,000 new cases in the latest 24 hours.

Brazil led the way with 54,771 cases, followed by the US with 36,617 and India with 15,400.

Coming up today:

Germany’s central bank publishes its latest economic assessment this morning. The Bundesbank may see some grüne Triebe of recovery, following the easing of some lockdown rules.

We also get a new healthcheck on UK factories, plus US home sales and EU consumer confidence data.

Investors are also eager to hear the government’s plan to reopen the UK’s hospitality industry. Boris Johnson is expected to announce changes to the 2m social distancing rule on Tuesday, and could also insist that customers register before going to the pub. Where do we sign up?!

Coronavirus - Sun Jun 21, 2020Bartender Tomas Melichar serves takeaway drinks to customers at the Cat & Mutton pub in Broadway Market, London, as further restrictions are lifted to bring England out of the coronavirus lockdown. PA Photo. Picture date: Sunday June 21, 2020. See PA story HEALTH Coronavirus. Photo credit should read: Yui Mok/PA Wire

Bartender Tomas Melichar serving takeaway drinks to customers at the Cat & Mutton pub in Broadway Market on Sunday Photograph: Yui Mok/PA

The agenda

  • 11am BST: Bundesbank publishes monthly report on German economy
  • 11am BST: CBI industrial trends survey for May
  • 3pm BST: US home sales for May
  • 3pm BST: Flash estimate of EU consumer confidence

About The Author

READ  According to the WHO, the Indian variant has been found "in at least 17 countries"