Equities slip as traders worry about long-term effect of the new coronavirus, but oil rises to two-and-a-half month high
Equity markets slipped on Thursday on the concern about the long-term effect of the new coronavirus and simmering US-China tension, though the worry could not stop oil prices from marching to a two-and-a-half month high.
Despite better-than-expected eurozone-wide figures Germany’s improvement undershot analysts’ forecasts, and it was the third consecutive month that the surveys were firmly in economic contraction territory. Italy and Spain’s government borrowing costs also rose slightly as bond market investors waited for bond sales from both and for more details on a proposed €500bn EU coronavirus recovery fund.
In Asia overnight, Japan’s Nikkei stock index slid 0.2% after data there showed the country’s exports collapsed 21.9% in April. Another dismal trade report came from Korea where 20-day exports declined by 20.3% year on year and imports fell by 16.9%, though Korean stocks still ended the day higher.
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