Stocks around the world are going down
Stocks around the world dropped on April 24. The markets were influenced by the news that both EU stimulus and new antiviral drug are coming late.
MSCI’s World Index fell 0.5% while going for the worst results of the last three weeks. MSCI’s Asia-Pacific index dropped 0.9%.
European stocks started trading with 1.4% losses. London's FTSE 100 lost 1.3%, pressed by the data demonstrating a crash of UK retail.
EU leaders were discussing the strategy for economic rebuilding. The negotiations resulted in a plan for one trillion euro emergency fund. Specific details, however, will only be discussed in summer. The president of France Emmanuel Macron noted, that the governments of the Union currently disagree if the relief should take the shape of direct grants or simple loans.
The largest European sectors went down during early trading hours. Banks led the movement down, following the S&P’s cut of Commerzbank credit rating. S&P also changed its forecast for Deutsche Bank from stable to negative.
US stock futures fell 0.7%, following the turn of S&P 500 and the Nasdaq to the negative on April 23. The change has been spurred by the report concerning remdesivir - the antiviral drug developed by Gilead Sciences. The drug designed to fight the coronavirus reportedly failed its first clinical trial.