• US stocks fell as virus cases surge
• Oil under pressure after EIA report
European indices extended recent losses amid concerns that the second wave of coronavirus infections will negatively affect region's economic recovery. Chancellor Angela Merkel announced that Germany will enter a partial lockdown from November 2nd. Restaurants, bars, theatres, cinemas, pools and gyms will be shut and concerts cancelled, while private gatherings will be limited to 10 people from a maximum of two households. Meanwhile French President Emmanuel Macron will give a TV address this evening to announce further curbs on movement, while in the Czech Republic an overnight curfew came into force today. Meanwhile Italy reported 24,991 new Covid-19 infections in the last 24 hours, a record high and up from 21,994 on Tuesday. Spain reported 267 Covid-19 related deaths on Tuesday, the highest daily number in the current second wave of the pandemic. On the earnings front, Deutsche Bank reported better than expected quarterly figures. During today's session DAX 30 plunged 4.2% to 11,561, suffering its worst one-day drop since March. CAC 40 tumbled 3.5% and FTSEE 100 finished 2.6% lower.
US indices fell sharply during today's session as well due to the surging numbers of new coronavirus infections and potential impact on the economy. Dow Jones is trading 3.03% lower, S&P 500 lost 2.8% and Nasdaq fell 3.1%. Yesterday US reported 73,240 new cases and 985 deaths. Meanwhile daily average of coronavirus cases reached record level of 71,832 over the past week, according to Johns Hopkins University data. Hospitalizations are up 5% or more in three dozen states, according to data from the Covid Tracking Project. For this reason some states decided to reinstate certain social distancing measures - Illinois has ordered Chicago to shut down indoor dining. On the corporate front, Microsoft quarterly figures came in above expectations however stock fell due to weaker guidance. Earnings from GE, Blackstone, Boeing and GSK surprised on the upside while Mastercard results disappointed. Gilead Sciences and Visa will report today after the closing bell. Meanwhile Facebook, Alphabet and Twitter stocks fell down sharply as their respective CEOs testified in front of Senate members. Facebook and Twitter were fell by 4.6% and 5.1%, respectively, and Alphabet plunged 4.8%.
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