Daily summary: Rising COVID-19 cases weigh on market sentiment

AstraZeneca releases positive Phase 2 COVID-19 vaccine results
US COVID-19 death toll surpassed 250,000
US stocks swing between gains and losses

European indices finished today's session lower with the DAX 30 falling 0.7%, CAC 40 closed down 0.67% and FTSE100 finished 0.80% lower amid concerns over rising COVID-19 cases and new lockdowns across the globe. Yesterday Germany reported 22.801 new infections, one of the largest daily increases since March. Elsewhere, Russia is the fifth country with more than 2 million cases. Even positive news from Astra Zeneca failed to change the market sentiment. Company announced that early stage trial results showed its experimental vaccine against COVID-19 produced a strong immune response in older adults, who are the most vulnerable to the disease. Scientists are expecting to release late-stage trial results by Christmas. On the Brexit front, top European officials are meeting in Brussels and are expected to demand from the European Commission to launch an emergency no-deal plan if both sides fail to conclude a trade agreement by tomorrow.

US indices are trading mixed as soaring COVID-19 infections an unexpected rise in weekly jobless claims sparked fears of a slower-than-expected economic recovery. Yesterday US reported more than 173 768 new infections, which is the second-highest number since the pandemic began. Death toll from COVID-19 surpassed 250k on Wednesday. Also hospitalizations reached record number of 79 410. Due to worsening pandemic situation all public schools in New York will be closed. Also new restrictions will be imposed in Kentucky, Minnesota and Wisconsin. On the data front, initial jobless claims rose for the first time since October to a higher-than-expected 742K.

US crude futures are trading 0.9% lower while the international benchmark Brent contract fell nearly 1.0% as concerns regarding near term fuel demand overshadowed positive news on the coronavirus vaccine front. Also recent information that Libya's National Oil Corporation and France's Total discussed NOC's efforts to raise capacity and increase production rates to the highest levels additionally weighed on market sentiment. Elsewhere, gold futures fell 0.5% while silver futures dropped 1.6%.

GBPUSD – pair has been trading in an upward trend recently. However, price did not manage to break above the high from 11th November and a double top pattern may be on the cards. The 1.3100 handle is a key support for now. If sellers manage to break below, a bigger downward correction may start. On the other hand, bouncing off the support may trigger another upward impulse. Source: xStation5

7 November 2025, 18:49

Daily summary - Government stays shut, Market declines, crypto recovers

7 November 2025, 16:43

Extended decline at the end of a week! 🚨

7 November 2025, 15:22

US OPEN: Market extends decline at the end of the week

7 November 2025, 13:47

CAD Gains on Strong Canadian Labor Market Data 💡

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Daily summary: Rising COVID-19 cases weigh on market sentiment

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