Stock losses accelerate over resurging coronavirus, fading stimulus

(Seeking Alpha) – Concerns over economic fallout from increased coronavirus outbreaks, as well as dwindling hopes for U.S. fiscal stimulus, are weighing on stocks around the globe.

U.S. futures: Dow -0.8%; S&P -1%; Nasdaq -1.6%.

Europe: FTSE 100 -2.3%; CAC 40 -2.2%; DAX -2.9%.

Asia: Nikkei -0.5%; Hang Seng -2.1%; Shanghai -0.3%; Sensex -1.5%.

A record 22 U.S. states recorded more than 1,000 new COVID-19 cases on Wednesday, while Treasury Secretary Steve Mnuchin said he did not expect to reach a deal on a coronavirus relief package before the election.

Over in Europe… Germany posted its highest ever increase in confirmed COVID-19 cases over the past 24 hours, with the number of infections reaching 6,638, and started reimposing restrictions on some of the biggest coronavirus hotspots such as Berlin.

The French government has declared a public health state of emergency and announced a curfew for Paris and eight other big cities from Saturday. “Our intensive care wards are under unsustainable pressure,” French President Emmanuel Macron declared.

Italy has also surpassed its daily record for newly diagnosed coronavirus cases, while a debate is taking place in England over whether a country-wide “circuit breaker” lockdown is needed.

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