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Most Markets Drop After Virus Woes Hammer Wall Street

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Key Points

  • Most Asian and European markets fell Tuesday following a sharp sell-off in New York that was fuelled by fears a coronavirus resurgence will force fresh economically painful containment measures.
  • On Wall Street, the Dow suffered its worst day since early September, dropping more than two percent while the S&P 500 and Nasdaq also suffered sharp losses.
  • Hong Kong shed 0.5 percent, while Sydney dropped 1.7 percent, while Wellington and Manila also lost more than one percent. Singapore, Jakarta, Bangkok, and Taipei were also in the red, while Tokyo was marginally lower.
  • Visit The Financial Today’s homepage for more stories.

HONG KONG — Most Asian and European markets fell Tuesday following a sharp sell-off in New York that was fuelled by fears a coronavirus resurgence will force fresh economically painful containment measures.

Traders have also given up almost any hope for a new US stimulus package being passed before next Tuesday’s election, with Democrats and Republicans blaming each other, though there are still expectations a new deal will be agreed afterwards.

The need for a big-spending rescue for hard-hit Americans is being highlighted by a big jump in new infections across the country that observers fear will deal a blow to an already shaky economic recovery.

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