Global stocks tumble as investors fear a global increase in coronavirus infections could pause the recovering economy. German Chancellor Angela Merkel will push for tougher curbs, including shutting bars and restaurants until the end of November when she meets with regional leaders today. French President Emmanuel Macron will address the nation later today. Meanwhile, hospital admissions in Belgium surpassed the level reached at the height of the first wave of the pandemic. The DAX index led European stocks lower, falling nearly 3.5% to a four-month low. The yield on the German 10-Year government bonds fell four basis points to -0.64%, its lowest since March. The Stoxx 600 index fell 1.8% to a five-month low and the FTSE 100 down almost 2.0%. Meanwhile the U.S. posted another 74,000 new cases of COVID-19 on Tuesday, while hospital admissions are up 50% from a month ago at over 44,000, according to data from Covidtracking.com.
Commodity markets are also under pressure with WTI crude back below $38 a barrel, down almost 5%. Sentiment turned after the American Petroleum Institute reported the biggest weekly increase in U.S. stockpiles in over three months on Tuesday, at nearly 4.6 million barrels. The official government data from the EIA are due at 10:30 AM and looking for a build of 1.23 million barrels. Also weighing on crude is the growing coronavirus infections in the United States and Europe as demand fears have not gone away. Investors are also watching Hurricane Zeta which is due to make landfall later today as a category 2 storm, with the Alabama-Mississippi border set for the worst storm surges.
*All times are in EST (GMT -5:00)
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