Asia suffered its biggest drop in eight sessions and Wall Street S&P 500 futures buckled, with markets anxious ahead of new US jobless data
London/Singapore — World stocks spluttered to their lowest level in more than a week on Thursday, as a surge in US coronavirus cases and an International Monetary Fund warning of a nearly 5% plunge in the global economy this year hit the bulls again.
Disney has delayed the reopening of theme parks and resorts in California, and Texas is facing a “massive outbreak” and considering new localised restrictions, its governor said. The IMF said on Wednesday it now expects an even deeper global recession, with output likely to shrink 4.9% this year rather than the 3% contraction it had predicted in April.
Yields on benchmark 10-year US treasuries sank to a 10-day low of 0.6692% and those on German bunds — Europe’s benchmark safe asset — dipped to -0.453%, though that remained within a well-worn recent range.Anxiety is likely to remain heightened before US data, including jobless claims figures due at 12.30pm GMT, and new coronavirus numbers.
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