Mitsubishi, Vattenfall, Shell join key project
- Date: 23-Jan-2021
- Source: Arab News
- Sector:Financial Markets
- Country:Middle East
Mitsubishi, Vattenfall, Shell join key project
LONDON: World stock markets retreated Friday as investors fretted about the economic impact of fresh virus shocks.
A raft of economic data highlighted the worsening situation for Europe, which is on course for a double-dip recession as new COVID-19 lockdowns hit hard.
After a mini boost for equities earlier in the week as US President Joe Biden took office, stock markets are also heading lower again as concerns mount that his $1.9 trillion rescue plan could hit hurdles.
The dollar climbed, while oil prices tumbled more than 2 percent.
Sterling, which Thursday hit a three-year high against the dollar on optimism over a UK vaccine rollout, then declined heading into the weekend on fresh recession expectations.
"The optimism of earlier in the week has evaporated,“ noted Chris Beauchamp, chief market analyst at IG trading group.
"Weaker... (data) readings and the prospect of a total UK travel ban have seen the leisure and travel sectors hit, as the outlook for the global economy continues to darken.“
European and Asian losses came despite a broadly positive lead from Wall Street on Thursday, where the Nasdaq fired to another record along with the S&P 500, though the Dow inched slightly lower.
The rises were helped by a series of upbeat US