Bloomberg
European Stocks Slump on Virus Curbs; Pound Drops: Markets Wrap
(Bloomberg) -- European stocks tumbled as a new strain of the coronavirus in the U.K. caused chaos ahead of the Christmas holiday, with regional neighbors suspending travel with the nation following another missed deadline in Brexit talks.Travel and energy shares dragged the Stoxx Europe 600 Index down around 2% at the open as Italy, the Netherlands, Belgium and France closed their borders to the former European Union state. More than 16 million Britons are now required to stay at home as a full lockdown came into force in London and the southeast of England.Meanwhile, the pound slumped nearly 2% as an official said “significant differences” remain in trade talks with the European Union. Crude oil fell. Havens like Treasuries, the dollar and gold all advanced.The emergence of the mutant strain of the virus in Britain is testing investors as they count down to the end of a chaotic year. Despite positive news recently over vaccine rollouts and stimulus packages, the pandemic for now is overshadowing any optimism, with experts warning it’s unlikely to be eliminated any time soon.“For many, the end of 2020 cannot come soon enough,” said Simon Ballard, chief economist at First Abu Dhabi Bank Pjsc. “The pathogen has wrought mayhem across financial markets and so we expect the New Year wish of many market participants to be that the arrival and initial distribution of coronavirus vaccines now signals light at the end of a very tiring and debilitating tunnel.”In the U.S., equity futures edged lower after Congressional leaders reached a deal on roughly $900 billion of outlays to support the economy amid escalating virus cases. The House of Representatives is expected to vote on it on Monday. Major Asia Pacific equity markets were little changed.Elsewhere, Thailand was one of the worst-performing equity markets globally, with the SET index sinking as much as 3.7%, as authorities said they might need to extend restrictions more widely amid a surge in virus cases.Here are some key events coming up:EIA crude oil inventory report is due Wednesday.U.S. jobless claims, durables, personal income data comes Wednesday.U.S. bond and stock trading and markets in other parts of the world will shut early on Thursday for the Christmas holidays. Most global markets are shut Friday.These are the main moves in markets:StocksFutures on the S&P 500 Index dipped 0.4% as of 8:13 a.m. London time.The Stoxx Europe 600 Index sank 1.7%.The MSCI Asia Pacific Index decreased 0.3%.The MSCI Emerging Market Index fell 0.4%.CurrenciesThe Bloomberg Dollar Spot Index jumped 0.7%.The euro decreased 0.5% to $1.2193.The British pound sank 1.7% to $1.3297.The onshore yuan weakened 0.2% to 6.549 per dollar.The Japanese yen weakened 0.3% to 103.58 per dollar.BondsThe yield on 10-year Treasuries sank four basis points to 0.91%.The yield on two-year Treasuries fell one basis point to 0.11%.Germany’s 10-year yield sank four basis points to -0.61%.Britain’s 10-year yield sank six basis points to 0.186%.Japan’s 10-year yield climbed less than one basis point to 0.011%.CommoditiesWest Texas Intermediate crude sank 3.4% to $47.44 a barrel.Brent crude sank 3.2% to $50.59 a barrel.Gold strengthened 0.9% to $1,897.40 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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