Global stock markets nosedive due to surging infection fears

Global stock markets nosedive due to surging infection fears

Picture shown is for illustrative purposes only.



Stock markets faced fresh losses on Friday, capping a painful week for global equities, characterised by fears over surging infections, stuttering vaccine rollouts and the weak economic backdrop.

Traders have been licking their wounds after the worst reversal since October, following a months-long rally that saw several indices strike record or multi-year highs.

Europe's stocks shed about 1.0 per cent on Friday after disappointing official economic growth data from France and Germany for the virus-plagued fourth quarter.

The dollar traded mixed and oil prices rose, while Bitcoin spiked to a two-week peak at $38,089.94 after Tesla chief Elon Musk changed his Twitter profile to “#bitcoin”.

“Equity benchmarks are in the red ... as nerves have ticked up due to fears that we could be in for another volatile day,” said CMC Markets analyst David Madden.

The French economy shrank 1.3 per cent