Global stocks drop amid signs of optimism about the global economy

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A forex trader walks past screens displaying exchange rates in a forex trading room in Seoul, South Korea on Friday, October 29, 2021. Asian stocks fell on Friday, despite recent signs of optimism about the economy world, including recent rallies on Wall Street. (AP Photo / Lee Jin-man)

PA

Global stocks were mostly down on Friday despite the latest rally on Wall Street.

The French CAC 40 lost 0.4% at the start of the session to 6,774.23, while the German DAX fell 0.8% to 15,575.63. The UK FTSE 100 lost 0.4% to 7,218.11. The future for Dow Industrials was 0.2% lower at 35,531.00. The future of the S&P 500 was down 0.5% at 4,563.75.

The evolution of the pandemic in the coming months remains a major concern for investors. IHS Markit said in a report that progress in the global rollout of vaccination appeared to be helping contain the damage caused by the coronavirus pandemic.

“The current delta wave of COVID-19 has shown a significant drop in the number of new daily cases reported in September and October 2021, although the pandemic still remains a key risk to the near-term economic outlook,” he said. declared.

Japan’s benchmark Nikkei 225 rallied after falling in morning trading to end up 0.3% to 28,892.69 as investors mostly took a wait-and-see stance ahead of Sunday’s national parliamentary elections.

The ruling Liberal Democratic Party, which has governed almost continuously for decades, should remain in power. But opposition is also expected to gain traction amid public dissatisfaction with the government’s handling of the coronavirus pandemic and concerns about the economy.

South Korea’s Kospi lost 1.3% to 2,970.68. The Australian S & P / ASX 200 lost 1.4% to 7,323.70. The Hong Kong Hang Seng fell 0.7% to 25,377.24, while the Shanghai Composite recovered its earlier losses, rising 0.8% to 3,547.34.

The pace of economic growth and the state of the job market are worrying investors as they prepare for the Federal Reserve meeting next week to see how it moves forward with its plans to cut back purchases of ‘bonds and its position on interest rates.

Rising energy prices have also raised concerns about the cost to consumers as they pay more to fill gas tanks and heat homes. Crude oil prices in the United States have jumped more than 70% so far this year.

Benchmark US crude gained 6 cents to $ 82.87 a barrel in electronic trading on the New York Mercantile Exchange. It gained 15 cents to $ 82.81 a barrel on Thursday. Brent crude, the international standard, rose 21 cents to $ 84.53 a barrel.

In currency trading, the US dollar rose from 113.58 yen to 113.68 Japanese yen. The euro cost $ 1.1655, compared to $ 1.1682.


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