Global stocks sink as coronavirus worries outweigh recovery hopes

Global stocks sink as coronavirus worries outweigh recovery hopes

Global stocks sink as coronavirus worries outweigh recovery hopes

2 hours ago

Stellantis Chairman John Elkann symbolically rings a bell as shares in the merger between Fiat Chrysler and Peugeot maker PSA begins trading at the Italian stock exchange in Milan, Italy, on Monday. Reuters

Global stock markets sank on Monday as soaring COVID-19 cases offset investor hopes of a quick economic recovery, even after data showing that the Chinese economy rebounded faster-than-expected in the fourth quarter of 2020.

European stocks as measured by the STOXX 600 index traded 0.1% lower as of 1134 GMT, after failed merger talks between French retailer Carrefour and Alimentation Couche-Tard. The continent's 50 biggest stocks were down 0.3%

Germany's DAX traded flat, France's CAC 40 index fell 0.1% and Italy's FTSE MIB index gained 0.1%. Britain's FTSE 100 index fell 0.3%.

In Asia, Chinese blue chips gained 1.1% after the economy was reported to have grown 6.5% in the fourth quarter, on a year earlier, topping forecasts of 6.1%.

Industrial production for December also beat estimates, although retail sales missed expectations.

"The recovery in domestic demand still lacks a solid backing,“ said Lauri Hälikkä, fixed income and FX strategist at SEB. "Sporadic virus outbreaks have intensified downside risks in the