Global stocks plunge as investors weigh report on US considering new tariffs on the EU and UK
- Global stocks fell on Wednesday following a report that the US is set to impose fresh tariffs on European goods, and the number of coronavirus cases around the world continues to surge.
- Futures tied to US stocks fell between 0.5% and 0.9% and are set to open lower.
- Europe indexes extended early losses as investors weighed broad transatlantic trade tensions. The pan-continental Euro Stoxx 50 was down 1.8%.
- Washington’s new threat is “not the kind of thing investors want to hear as they fret over the threat of a COVID-19 second wave,” said Connor Campbell, a financial analyst at SpreadEx.
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Global stocks plunged on Wednesday on the prospect of fresh trade tensions between the US and Europe and an uptick in COVID-19 cases around the world.
Futures tied to the S&P 500 fell 0.7% as clusters of new coronavirus infections popped up in certain US states, adding to concerns of a second wave of the virus and new lockdown restrictions on business activity.
Indexes in Europe dropped with the Euro Stoxx 50 down 1.8% and UK’s benchmark FTSE-100 down 2.3%.