London and Frankfurt opened lower. Tokyo, Shanghai and Australia declined after spending the day swinging between gains and losses.Japan reported its exports fell 22% in April from a year earlier in their biggest decline since the 2008 crisis. Forecasters said they expect more export weakness due to slumping U.S. and European demand.
A survey of business managers in the eurozone showed that activity continued to shrink at a rapid pace in May, despite a slight pickup from the historic plunge in April. The publishers of the survey, IHS Markit, said it indicates a 9% drop in GDP this year, with a recovery likely to take years.
The outlook for the global economy meanwhile depends on infection numbers and vaccine development. Infection numbers are on the rise in the United States, Brazil and other countries. And China's conflicts with Washington and Australia over the coronavirus, trade and Beijing's technology ambitions are adding to uncertainty.
China has blocked beef imports from four Australian suppliers in possible retaliation for Australia's support for an investigation into the origin of the coronavirus pandemic. Meanwhile, the Trump administration has stepped up a feud over Beijing's industrial ambitions by tightening controls on use of U.S. technology by tech giant Huawei.
Investors are "trying to make heads or tails of the recent China trade spats with the U.S. and Australia," Stephen Innes of AxiCorp said in a report.In Europe, the FTSE 100 in London lost 0.8% to 6,018 and Frankfurt's DAX sank 1.4% to 11,070. The CAC 40 in France declined 1% to 4,452.
On Wall Street, the futures for the benchmark S&P 500 index and for the Dow Jones Industrial Average both lost 0.6%.In Asia, the Shanghai Composite Index lost 0.6% to 2,867.92 and the Nikkei 225 in Tokyo declined 0.2% to 20,552.31. The Hang Seng in Hong Kong lost 0.5% to 24,280.03.
The Kospi in Seoul gained 0.4% to 1,998.31 and Australia's S&P-ASX 200 lost 0.4% to 5,550.40. India's Sensex rose 0.7% to 31,036.60. New Zealand was off 0.5% and Singapore lost 0.1%.U.S. stocks have been spurred higher by hopes for a potential vaccine and optimism the economy will recover in the second half as businesses reopen and stay-at-home orders are relaxed.
Investors are looking to Premier Li Keqiang's speech to China's ceremonial legislature Friday for details of Beijing's spending plans to speed up economic recovery.China was the first economy to begin reopening in March but has yet to joint the United States, Japan and other major governments in announcing stimulus spending plans. Chinese manufacturing has rebounded but consumer spending, the main growth driver, is weak.
Forecasters expect Beijing to channel extra money into job-creation efforts to head off a surge in unemployment and put money in consumers' pockets."Renewed trade tensions between the U.S. and China could weigh on markets in the coming months," Esty Dwek of Natixis IM said in a report. "Higher volatility is likely, especially as `tough on China' will clearly be a large part of Trump's re-election campaign."
In energy markets, benchmark U.S. crude rose 76 cents to $34.25 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.53 on Wednesday to $33.49. Brent crude added 75 cents to $36.50 per barrel in London. It rose $1.10 the previous session to $35.75.
The price of oil has made a comeback this month as producing nations cut output and the gradual reopening of economies drove up demand. Crude started the year at about $60 a barrel but plummeted as demand sank due to travel and business shutdowns. Read more: CTV News »
Global Emissions Drop During Pandemic, But Canada Still Lags: Study“Personal choice alone can’t do it,” one of the study's co-author says. We, that worked in the environmental field have known this for years. That the world population had to curb their economic, social and environmental behavior to curb climate change. It just happened, the COVID virus pandemic just force them into that behavior Stop the CoronaVirusHoax
Virus slowdown pushes global carbon emissions to 14-year lowSome of the behaviour seen during the COVID-19 lockdown could inform future policy, such as giving people incentives to work from home Co2 has not lowered. So maybe the reigning theory has holes in it. So we have our answer. To meet the greens goals we simply have to shutter the economy. Seems reasonable Not that it was an issue to start with
World to Canada: You’re raising your carbon tax during a global pandemic?Opinion: With carbon tax burdens declining around the globe, walking back the recent carbon tax hike should be a no-brainer for our federal government fpcomment Yup. Nutso. fpcomment That’s what we get for having a PM that was a drama teacher prior to getting into politics! A waste of skin! fpcomment It works out to 2 cents a litre of gas....get a grip.
Global carbon dioxide emissions could fall by up to 7 per cent this year, study showsGlobal carbon dioxide emissions could fall by up to 7 per cent this year, study shows Globe Business globebusiness Haha, Globe and mail at 7%. CTVNews at 17%. Get your stories straight to be more credible
WHO chief defends agency’s role, vows to continue leading global fight against coronavirus pandemicTedros Adhanom Ghebreyesus’s comments come after the United States again caused ripples by withholding full support for a resolution on the pandemic Step down YOU ARE NOT A LEADER YOU ARE A FAILURE Makes sense until it’s no longer a pandemic.
Brazil coronavirus outbreak worsens as country closes in on No. 2 spot in global casesPresident Jair Bolsonaro has been widely criticized for his handling of the outbreak It was kumbaya just a month ago... parties on the beach just like pre-covid times for New Yorkers in Florida.. no 5 in recoved no 26 in deaths/ million no 56 in case / million Blame their leader who didn't take it seriously. 😂😂😂