Dow Futures Plunge Nearly 900 Points Amid Concerns Over Resurgence of Coronavirus Infections
European stocks and major US stock indices are close to opening on Monday as concerns about the resurgence of the coronavirus in Asia, particularly in Beijing and the United States, are easing as lockdowns are eased.
London's FTSE is 34 points lower at 6,054, the German DAX at 11,835 by 96 points, the French CAC 40 at 4,783 by 42 points and the Italian FTSE MIB at 18,675 by 278 points.
Futures on the Dow Jones Industrial Average fell 778 points, down over 850 points from the opening on Monday. S&P 500 and NASDAQ-100 futures also pointed to a decline in the opening of the two indices on Monday.
States report increases in new coronavirus cases every day
Reuters wrote that states in the reopening process, including Alabama, California, Florida, and North Carolina, are reporting an increase in daily new coronavirus cases. Texas and North Carolina reported a record number of virus-related hospitalizations on Saturday.
In the meantime, Governor Andrew Cuomo warned the New Yorkers against triggering a second wave of the corona virus.
CDC warns of the second wave of coronavirus when conditions unlock
States may need to block again if coronavirus cases occur. The CDC warns.
"As the number of cases increases again, especially if it increases dramatically, it is important to recognize that further mitigation measures may be required, as implemented in March," said Jay Butler, deputy director of the Infectious Diseases Agency reporter Friday.
However, the second wave of closures could be carried out at the local rather than the national level, Butler said.
"There are currently different levels of transmission in the communities as they gradually loosen and gradually reopen efforts to contain the communities," he said.
Beijing district in "war emergency" after Virus Spike Shuts Market
A district of Beijing was in wartime and the capital banned tourism on Saturday after a cluster of novel coronavirus infections spanning a large wholesale market sparked fears of a new wave of COVID-19, Reuters reported.
Concern about a second wave of the pandemic, which has infected more than 7.66 million people and killed more than 420,000 people worldwide, is growing, even in many countries that appear to be stopping their spread.
Chu Junwei, an official from the southwestern Fengtai District in Beijing, said on Saturday a briefing that the district was in "emergency mode".
Shutting down the US economy is not an option
Despite the surge in US COVID-19 cases and the CDC's warning, Treasury Secretary Steven Mnuchin told CNBC that shutting down the economy a second time to slow COVID-19 was not a viable option as it would “do more harm. ”
"We cannot close the economy again. I think we have learned that if you close the economy, you will do more harm," Mnuchin said in an interview with CNBC's Jim Cramer about Squawk on the Street.
"And not just economic damage, there are other areas that we talked about: medical issues and everything else that is put on hold," he added. "I think what the President did was very careful, but I think we learned a lot."
In our economic calendar you will find all of today's economic events.
This article was originally published on FX Empire
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