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The world stock, financial and oil markets live this Wednesday a dark day, due to the increase in outbreaks of the coronavirus pandemic and various latitudes, which have led the authorities of several countries to adopt new restrictive measures to slow down the pace of new infections.
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At midday the main European stock exchanges maintained strong losses, which even in some markets such as Frankfurt, Paris or Milan exceeded 3 percent, for fear that the various countries of the Old Continent will approve more severe measures to try to stop the expansion coronavirus.
The 3.30 percent drop on the Frankfurt stock exchange stands out, while Paris loses 3.13 percent; Milan, 3.02 per cent; the Euro Stoxx 50 index, 2.39 per cent; Madrid, 2.07% and London, 1.87%.
With today’s lows, European markets deepen the losses already recorded in the previous session. In this context of widespread fear for the possibility that Europe will return to its domestic borders, as happened in March, the price of Brent, the benchmark in Europe, is traded with strong discounts, of 3.99 percent, and remains on the way the level of 41 dollars (39.97 dollars).In turn, Texas oil fell half an hour after the start of prices by 5.51 percent to $ 37.39 a barrel, gold fell to $ 1,878.30 an ounce, the bond yield 10-year Treasury bills fell to 0.758 percent and the dollar gained ground against the euro, with a change of 1.1741.
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Sharp rise in the dollar in Colombia
This declining situation in crude oil and equity markets has led investors to Colombia bThey will seek refuge in the dollar, causing the currency to carry an average price of 3,844.01 pesos in the interbank foreign exchange market at around 10:43 am, an increase of 33.78 pesos over the representative market rate of 3,810. 23 pesos per dollar, according to the report of Bank of the Republic.
Second Bag of Pigeonsa, the opening price for the day was 3,845 pesos and the maximum level reached in any transaction was 3,854 pesos per dollar.
Covid and the elections weigh on New York
Meanwhile, in New York, Wall Street opened with falls this Wednesday and its main indicator, the Dow Jones of Industrials, fell by 2.09 percent on a day marked by the increase in coronavirus cases, poor results from Boeing and uncertainty a week before the US political elections.
At the start of trading at 9:30 am on the New York Stock Exchange, the Dow Jones had 576.58 points, up 26,886.61 units, dragged down by Visa (-4.74 percent), Microsoft ( -2.70%) and Apple, which fell by 2.55% early in the day. The selective S&P 500 lost 1.89%, or 64.03 points, to 3,326.65 units.
Meanwhile, the Nasdaq composite index, in which the major tech companies are listed, fell 1.72% or 197.54 units, to 11,233.81.
The declines were generalized across all sectors at the beginning of prices, but were more cumbersome among the energy (-2.83%), technology (2.29%) and communications (-2.26%) sectors.
The New York stock market reacted pessimistically to the increase in COVID-19 cases in the United States and Europe and to the certainty that new measures of confinement and economic closure will be needed, which will again have an impact on the recovery, which in L ‘ summer began to show weak signs of improvement.
Wall Street responded to Microsoft’s results by punishing the stock with drops on lower-than-expected revenue forecasts; Like Boeing, which fell 2.87% after announcing air travel losses and bad projections due to covid-19.
The increase in coronavirus cases in the US is joined by the decision of the Republican majority in the Senate to close the door to a possible vote on a new economic stimulus package in the country before the political elections, which will be held later this week and polls favor the Democrat Joe Biden.
“Uncertainty about covid-19, limited mobility and US policy translate into volatility, which will remain high for the rest of the year”, said Mark Haefele, Head of Investments at UBS.
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