Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Stocks rally to pare weekly loss; oil falls further

10/29/2020 | 03:58pm EST
FILE PHOTO: Men wearing protective face masks chat in front of a screen displaying Nikkei share average and world stock indexes, amid the coronavirus disease (COVID-19) outbreak, in Tokyo

NEW YORK (Reuters) - Crude oil fell again on Thursday as lockdowns in Europe and rising cases elsewhere clouded the energy demand outlook, while stocks rose as Wall Street rallied.

France and Germany will fall back into coronavirus lockdowns next week, while cases are rising in 47 U.S. states with patients overwhelming hospitals in parts of the country.

The European Central Bank said it would increase its support for the bloc's economy amid the pandemic, weighing on the euro even as policy was left unchanged. U.S. gross domestic product soared to a widely predicted record bounce that helped trigger stock buying on Wall Street, enough to halt the rout on equities globally so far this week.

The S&P 500 rallied partly on bets for strong earnings from mega-caps, but was still down 4.5% for the week so far, as traders have shied away from risk on concern a new wave of COVID-19 infections will hinder the economic recovery.

The Dow Jones Industrial Average rose 139.16 points, or 0.52%, to 26,659.11, the S&P 500 gained 39.08 points, or 1.19%, to 3,310.11 and the Nasdaq Composite added 180.73 points, or 1.64%, to 11,185.59.

The pan-European STOXX 600 index lost 0.12% and MSCI's gauge of stocks across the globe gained 0.44%. The global index is down 4.2% so far this week, which would be its largest weekly loss since March.

Japan's Nikkei fell 0.4% and futures were pointing higher, while Chinese blue chips rose 0.7%.

"Asia is not really partaking in this second or third wave story because it's got its COVID largely under control," said Rob Carnell, chief economist in Asia at ING.

Taiwan, which boasts Asia's best-performing currency this year, marked its 200th straight day without a local coronavirus transmission on Thursday.

Emerging market stocks lost 0.06%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.28% lower. Japan's Nikkei futures were up 1.00%.

Concerns hit commodities too, with oil again falling and down about 9% for the week so far. [O/R]

"As lockdowns begin to bite on demand concerns across Europe, the near-term outlook for crude starts to deteriorate," said Stephen Innes, chief global market strategist at Axi.

U.S. crude recently fell 2.97% to $36.28 per barrel and Brent was at $37.77, down 3.45% on the day.

Uncertainty about Tuesday's U.S. election also kept traders on edge. Republican President Donald Trump and Democratic rival Joe Biden will rally supporters in the battleground of Florida, visiting the same city hours apart to offer their contrasting approaches to the resurgent coronavirus pandemic.

The ECB held off on new measures on Thursday but it hinted at action in December, which is likely to keep the euro under pressure.

The dollar index rose 0.521%, with the euro down 0.61% to $1.1672.

The Japanese yen weakened 0.30% versus the greenback at 104.61 per dollar, while the British pound was last trading at $1.2926, down 0.42% on the day.

The Bank of Japan made no changes to monetary policy settings overnight, as expected, though it trimmed its growth forecasts to reflect sluggish services spending.

Benchmark Treasury yields rose, tracking U.S. stocks, despite little initial reaction to the strong GDP number. [US/]

The 10-year note last fell 16/32 in price to yield 0.8331%, from 0.781% late on Wednesday.

Spot gold dropped 0.5% to $1,868.21 an ounce. Silver fell 0.47% to $23.30.

(Reporting by Rodrigo Campos; additional reporting by Marc Jones and Ahmad Ghaddar in London, Medha Singh and Shivani Kumaresan in Bengaluru and Herbert Lash, Kate Duguid and Gertrude Chavez-Dreyfuss in New York; Editing by Chris Reese, Nick Zieminski and Jonathan Oatis)

By Rodrigo Campos

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.20% 29883.79 Delayed Quote.4.50%
EURO / BRITISH POUND (EUR/GBP) -0.13% 0.9052 Delayed Quote.6.36%
EURO / US DOLLAR (EUR/USD) 0.07% 1.21238 Delayed Quote.8.04%
LONDON BRENT OIL 0.63% 48.24 Delayed Quote.-27.74%
NASDAQ 100 0.01% 12456.406964 Delayed Quote.42.62%
NASDAQ COMP. -0.05% 12349.366333 Delayed Quote.35.96%
NIKKEI 225 0.03% 26809.37 Real-time Quote.13.23%
S&P 500 0.18% 3669.01 Delayed Quote.13.56%
SILVER 0.27% 24.117 Delayed Quote.33.70%
STOXX EUROPE 600 -0.05% 391.69 Delayed Quote.-5.76%
WTI 0.75% 45.205 Delayed Quote.-26.33%
Latest news "Economy & Forex"
02:42aChina to keep anti-dumping duties on Australian wine for up to four months
02:42aAlibaba's Cainiao says it is in talks with Chinese vaccine makers over logistics
02:39aHow American investors are gobbling up booming bitcoin
02:39aGerman financial watchdog says banking union no precondition for bank mergers
02:39aThe new black gold? Big Oil bets on retail networks in an electric era
02:31aANALYSIS : Money for nothing - Portugal, Spain borrow more, pay less
02:30aGood progress being made on Brexit trade deal, British minister says
02:29aRELUCTANT PARTNERS : French companies resisted home-working as virus surged
02:28aChina hopes Australia will do more to boost regional stability
02:19aGrab tells staff it's "in a position to acquire" after Gojek merger report
Latest news "Economy & Forex"