The Global stocks booked their largest weekly loss since the past three months. Although fourth-quarter earnings results continued to improve in the latest week, The U.S benchmark Indexes closed with a red mark about -4 % on raising concerns about speculative excesses. The CBOE Volatility Index surged more than 50% for the week. The government’s initial GDP estimate showed that the U.S. economy shrank into 3.5% in 2020. However, last-quarter GDP grew at an annual rate of 4.0 %.
The European benchmark Indexes fell about -4.3 % on concerns that the economy could slow due to the raging coronavirus pandemic and delays in distributing Covid-19 vaccines. Many European countries extended their tightening restrictions to curb the spread of new coronavirus variants. However, Countries like Germany, France, and Spain reported relatively resilient GDP numbers for the fourth quarter, spurring hopes that the eurozone might avoid a deeper recession.
The most APAC benchmark Indexes closed lower for the week, about -5.24%. The Indian markets may continue to remain highly volatile amidst the ongoing earnings season and the Union Budget 2021. Korean’ Kospi-100 Index is leading losses among the region’s major markets. Stocks across China dropped after the central bank tightened financial conditions and an official raised concerns that loose liquidity could inflate an asset bubble.
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