Wed. Sep 30th, 2020

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European markets edge higher as banks rally

1 min read

The pan-European STOXX 600 edged 0.2 in early trade, with food and beverages dropping 0.5% while banks surged 2.4%.

Stateside, the Dow Jones Industrial Average plunged 800 points, or 2.8%, on Thursday to record its steepest single-day losses since June, while S&P 500 plunged 3.5% and the Nasdaq Composite dropped 5%, tumbling from the record highs notched on Wednesday. Tech mega stocks Apple, Amazon, Netflix, Alphabet and Facebook led the losses with the broad tech sector posting its worst day since March, having driven much of Wall Street’s recovery in recent months.US futures on Friday are pointing to a mixed open.

The losses spilled over into Asia Pacific trading overnight, with Australia’s S&P/ASX 200 falling more than 3% while tech stocks fueled declines of more than 1% for the majority of Asian markets.

Back in Europe, the EU is considering fresh sanctions on Russia following the poisoning of Putin critic Alexei Navalny, once the specific culprits have been properly identified, Reuters reported citing executive and diplomatic sources.

Investors will also have an eye on key U.S. nonfarm payrolls at 1:30 p.m. London time for a signal on the state of the labor market recovery in the world’s largest economy.

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