May 29, 2024

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Global shares drop after US stocks’ worst day since October | National

3 min read

TOKYO (AP) — Global shares skidded on Thursday as a reality check set in about longtime economic damage from the coronavirus pandemic, giving Wall Street its worst day since October.

France’s CAC 40 slipped 0.7% in early trading to 5,422.70, while Germany’s DAX dropped 1.2% to 13,463.25. Britain’s FTSE 100 was down 1.6% at 6,460.34. U.S. shares were set to extend lossses, with Dow futures trading at 30,068.0, down 0.4%. The S&P 500 future contract slipped 0.8% to 3,716.12.

Benchmarks in Japan, South Korea, Australia and China declined Thursday. The region is looking ahead to earnings season for a read on how companies are faring amid COVID-19 infections, which have been relatively low in some nations such as New Zealand, compared to other global regions.

Japan’s benchmark Nikkei 225 fell 1.5% to finish at 28,197.42. Australia’s S&P/ASX 200 slipped 1.9% to 6,649.70. South Korea’s Kospi sank 1.7% to 3,069.05. Hong Kong’s Hang Seng dropped 2.6% to 28,550.77, while the Shanghai Composite shed 1.9% to 3,505.18.

“Investors will likely focus on the pace of vaccinations around the globe while also keeping an eye on the progress of President Biden’s fiscal rescue plan that may be facing some roadblocks in the U.S. Senate,” Prakash Sakpal and Nicholas Mapa, senior economists at ING, said in a report.

Hopes are high for President Joe Biden’s proposed a $1.9 trillion COVID-relief package, but worries are growing the plan might also be scaled back.

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