clearn.png
Thursday December 3rd, 2020 5:23AM

Global shares mixed amid tug of war between hope, fear

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Global shares were mixed in muted trading Friday amid a continuing conflict between current worries over the worsening pandemic and optimism that vaccines will rescue the economy in the future.

France's CAC 40 rose 0.2% in early trading to 5,487.73, while Germany's DAX dipped slightly to 13,085.18. Britain's FTSE 100 gained nearly 0.3% to 6,351.14. U.S. shares were set to drift lower with Dow futures falling 0.5% to 29,295. S&P 500 futures were down 0.4% at 3,565.88.

Japan's benchmark Nikkei 225 slipped 0.4% to finish at 25,527.37. Australia's S&P/ASX 200 edged down 0.1% to 6,539.20. South Korea's Kospi added 0.2% to 2,553.50. Hong Kong's Hang Seng gained 0.4% to 26,451.54, while the Shanghai Composite rose 0.4% to 3,377.73.

Investors were looking ahead to data that will be out next week on the health of regional economies, including India, which has been hit hard by the pandemic, and also Taiwan and Singapore.

“The focus next week in Asia will be the extent of India’s bounce back in the third quarter, as the data in October underscores the renewed threat to the region from the second wave of the pandemic,” said Prakash Sakpal, senior economist Asia at ING.

Japan, which is heading into a three-day weekend, has had its optimism dashed by record daily COVID-19 cases. Although Japan has had fewer deaths related to the pandemic — under 2,000 — compared to harder-hit nations, worries are growing about a need for stricter restrictions on travel and anti-infection measures.

Wall Street’s huge November rally has slowed this week as fears about the economy buckling in the near term collide with hopes that stronger growth will arrive next year once effective coronavirus vaccines become available.

With infections and hospitalizations on the rise across much of the country, governors and mayors are grudgingly issuing mask mandates, limiting the size of gatherings, banning indoor restaurant dining, closing gyms and restricting the hours and capacity of other businesses.

Democrats and Republicans in Washington are still stymied in their attempts to deliver another dose of financial support to workers and businesses. That has the specter of a bleak winter looming for both the health care system and the economy.

Counterbalancing all those fears is hope that coming vaccines can control the pandemic and get the global economy back toward normal next year.

“The market is grappling with the push and pull of the progress with the vaccine track, which allows a window to when our economy can reopen, with the current reality of rising cases,” said Bill Northey, senior investment director at U.S. Bank Wealth Management.

University of Oxford scientists expect to report results from the late-stage trials of the COVID-19 vaccine they're developing with AstraZeneca by Christmas, according to a researcher. Already this month, pharmaceutical companies have offered data suggesting other vaccines under development could be highly effective. Pfizer and BioNTech have said they plan to ask U.S. regulators within days to allow emergency use of their vaccine.

In energy trading, benchmark U.S. crude fell 13 cents to $41.61 a barrel. Brent crude, the international standard, rose 4 cents to $44.24 a barrel.

In currency trading, the dollar inched down to 103.88 Japanese yen from 103.98 yen. The euro cost $1.1871, up from $1.1834.

___

AP Business Writers Stan Choe, Damian J. Troise and Alex Veiga contributed.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Health Care
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
The Latest: Hong Kong to close more schools to fight virus
Hong Kong has suspended in-person classes for lower primary school students after the city’s top health official said the coronavirus situation in the territory was rapidly deteriorating
3:53AM ( 18 minutes ago )
Global shares mixed amid tug of war between hope, fear
Global shares are mixed in muted trading amid a continuing conflict between current worries about the worsening pandemic and optimism that vaccines will rescue the economy in the future
3:47AM ( 24 minutes ago )
Azerbaijani army enters territory ceded by Armenian forces
Azerbaijan’s Defense Ministry says units of the Azerbaijani army have entered the Aghdam region, a territory ceded by Armenian forces in a cease-fire agreement that ended six weeks of heavy fighting over the separatist region of Nagorno-Karabakh
2:29AM ( 1 hour ago )
Associated Press (AP)
Criminal probe, legal fights await Trump after White House
President Donald Trump’s legal entanglements are likely to intensify when he leaves the White House and loses immunity from prosecution
1:01AM ( 3 hours ago )
Asian shares mixed amid tug of war between hope, fear
Asian shares are mixed in muted trading after Wall Street eked out modest gains amid a tug of war between worries about the worsening pandemic in the present and optimism that a vaccine will rescue the economy in the future
12:53AM ( 3 hours ago )
NY probes Trump consulting payments that reduced his taxes
New York’s attorney general has sent a subpoena to the Trump Organization for records related to consulting fees paid to Ivanka Trump as part of an investigation into the president’s business dealings
12:45AM ( 3 hours ago )
AP Business
Mnuchin rejects renewal of some Fed emergency loan programs
Treasury Secretary Steven Mnuchin says he will not to extend several emergency loan programs set up with the Federal Reserve to support the economy in the midst of the coronavirus pandemic
5:40PM ( 10 hours ago )
Stocks rise amid investors’ tug of war between hope, fear
Stocks ended higher, shaking off a weak start and nearly erasing the S&P 500's losses for the week
4:51PM ( 11 hours ago )
Brexit trade negotiations suspended because of COVID-19 case
The Brexit trade negotiations have been suspended at a crucial stage because an EU negotiator has tested positive for the coronavirus
3:24PM ( 12 hours ago )
AP Business - Economy
Stocks open lower on Wall Street as virus infections spread
Stocks are opening lower on Wall Street as mounting coronavirus infections and evidence of the damage being cause to people's livelihoods rolls in
9:46AM ( 18 hours ago )
Global markets drop on concern about rising infection rates
Global stock markets are mostly lower amid anxiety over the economic fallout from surging coronavirus cases
7:34AM ( 20 hours ago )
Global markets lower after Wall Street falls on virus fears
Global stock markets are mostly lower after Wall Street fell for a second day on anxiety over the economic fallout from surging coronavirus cases
3:59AM ( 1 day ago )
AP Business - Financial Markets
Biden chides Trump for lack of cooperation on vaccine
President-elect Joe Biden is criticizing President Donald Trump’s unprecedented attempt to block the peaceful transition of power at the White House, saying it has hindered the flow of information about programs to fast-track a coronavirus vaccine
7:31PM ( 8 hours ago )
The Latest: California imposes overnight curfew amid surge
 Gov. Gavin Newsom says California is imposing an overnight curfew on most residents as the most populous state tries to head off a surge in coronavirus cases it fears could tax the state’s health care system
7:10PM ( 9 hours ago )
Biden says he's decided on treasury secretary nomination
President-elect Joe Biden says he has decided whom to nominate as his secretary of the Treasury Department
7:08PM ( 9 hours ago )
AP Business - Industries
Biden tells governors he'll help states overcome coronavirus
In a virtual meeting with governors, Joe Biden has expressed concern that President Donald Trump’s unprecedented attempt to block the peaceful transition of power at the White House has hindered the flow of information about programs to fast-track a coronavirus vaccine
4:29PM ( 11 hours ago )
The Latest: Louisiana urged to increase virus restrictions
The White House’s coronavirus advisers are urging Louisiana to step up its restrictions to combat the spread of COVID-19, as the number of hospitalized virus patients in the state edged higher Thursday amid a third wave of infections
3:48PM ( 12 hours ago )
The Latest: CDC urges Americans to avoid Thanksgiving travel
The CDC is urging Americans not to travel and to spend Thanksgiving with people in the same household
3:17PM ( 12 hours ago )
AP Business - Health Care
Azerbaijani army enters territory ceded by Armenian forces
Azerbaijan’s Defense Ministry says units of the Azerbaijani army have entered the Aghdam region, a territory ceded by Armenian forces in a cease-fire agreement that ended six weeks of heavy fighting over the separatist region of Nagorno-Karabakh
2:29AM ( 1 hour ago )
Week 12: Big Ten unbeatens, Bedlam and Lawrence returns
The Big Ten's four unbeaten teams square off Saturday in two games that could go a long way toward settling the division races
2:18AM ( 1 hour ago )
The Latest: Hong Kong to close more schools to fight virus
Hong Kong has suspended in-person classes for lower primary school students after the city’s top health official said the coronavirus situation in the city was rapidly deteriorating
1:59AM ( 2 hours ago )
US government executes man convicted of killing Texas teen
The U.S. government has executed a man who kidnapped and raped a 16-year-old Texas girl before dousing her with gasoline and burying her alive
1:25AM ( 2 hours ago )
Sanders, Warren under scrutiny as Biden weighs Cabinet picks
Bernie Sanders and Elizabeth Warren, leaders of the Democratic Party’s far-left wing, are at risk of being excluded from the senior ranks of President-elect Joe Biden’s administration as the incoming president balances the demands of his party’s progressive base against the political realities of a narrowly divided Senate
1:08AM ( 3 hours ago )