Anticipation of a mixed earnings bag and increased US-China tension over the coronavirus also weighed on the markets
London — Global shares struggled on Wednesday as mixed earnings, doubts about the easing of coronavirus lockdowns and simmering US-China tensions cast a pall over markets.MSCI’s index of global shares was trading flat. The pan-European Stoxx 600 was 0.3% higher, with losses in oil and gas shares weighing on the index. Shares in UniCredit fell about 1% after Italy’s biggest bank posted a €2.
Germany and Spain are among economies gradually emerging from lockdowns, but the outlook for an easing of restrictions elsewhere is less certain.MSCI’s broadest index of Asia Pacific shares excluding Japan climbed 0.7%. Volumes were light with Japanese markets closed for a holiday. China, opening for the first time since Thursday, reversed early losses, sending the blue-chip index up 0.6%.
“The dollar/renminbi dropped about 200 pips on the stable fix, and a recovery in risk sentiment ensued, and there was no follow-through on US President Donald Trump’s threat to China.” The yen rose 0.2% to ¥106.35, having earlier reached ¥106.20, its strongest since March 17. The dollar index was flat at 99.810.
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