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Stocks slide as hopes for virus crisis exit fade

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04/08/2020 | 06:58am EDT

So much for hopes that the worldwide crisis could be peaking.

Global stocks turned negative again Wednesday (April 8) as traders took in the latest evidence.

That included a record death toll the day before in the U.S., and a doubling in new cases in China.

Most Asian indexes closed in the red as a result.

Hong Kong's Hang Seng fell over 1%.

Japan's Nikkei was the exception, gaining over 2%.

Markets welcomed Tokyo's decision to declare a state of emergency and step up action against the outbreak.

No such positivity in Europe though, where key indexes all fell from the open.

The regional Stoxx 600 dropped over 1% in early trade, snapping two days of sharp gains.

Shares in Tesco dropped 4% after the UK supermarket said the crisis would cost it over $1 billion.

Big UK insurers tumbled after they scrapped dividends to preserve cash.

Aviva was down as much as 9%.

Fresh signs of broader economic pain too.

Germany's leading economic institutes said Wednesday that the country's economy would probably shrink almost 10% in the second quarter.

That's more than twice as bad as the early stages of the global financial crisis a decade ago.

Stocks mentioned in the article
ChangeLast1st jan.
HANG SENG 0.44% 24418.49 Real-time Quote.-13.38%
NIKKEI 225 -0.75% 22121.73 Real-time Quote.-5.78%
STOXX EUROPE 600 0.24% 361.19 Delayed Quote.-13.35%
THE GLOBAL LTD. -5.43% 209 End-of-day quote.-55.63%
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