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U.S. Futures Trim Gain as Europe Stocks Turn Lower: Markets Wrap
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U.S. Futures Trim Gain as Europe Stocks Turn Lower: Markets Wrap
(Bloomberg) -- Financial markets remained on edge after U.S. stocks suffered the biggest drop in four months, with the threat of further virus lockdowns overshadowing a day packed with events from corporate earnings to central-bank decisions and a slate of economic data.Futures on the S&P 500 erased most of an earlier gain, after the underlying gauge plunged 3.5% Wednesday. Apple Inc., Inc, Alphabet Inc. and Facebook Inc. report after the close, while jobless claims and GDP data are due at 8:30 a.m. in New York.In Europe, stocks reversed gains as investors mulled record coronavirus infection rates across some of the world’s biggest economies. Personal-goods and insurance shares led declines. The euro slipped for a fourth session before the European Central Bank’s policy decision later Thursday.New coronavirus curbs from Berlin to Madrid are boosting chances of preemptive monetary stimulus. They’re also weighing on oil prices, which fell in London as signs appeared that roadway use in Europe is slumping.Even with Thursday’s modest gains, global equities are still headed for the worst weekly decline since June. Investors point to new lockdown measures and a trillion-dollar American stimulus plan failing to jell before the Nov. 3 election. Record one-day virus cases surfaced in Italy, Spain and Germany, where Chancellor Angela Merkel said authorities can no longer track infections back to their sources, opening the door to exponential growth.“Market sentiment is turning, with investors buffeted by U.S. election uncertainty and now economic worries from rising Covid-19 cases across Europe,” said Kerry Craig, global market strategist at JPMorgan Asset Management. “These short-term forces are well beyond the control of individual investors, underscoring the need to maintain balance through the immediate uncertainty.”Facebook Inc. and Alphabet Inc. are expected to report revenue growth aided by a rebound in the market for digital-advertising when they release third-quarter earnings later Thursday. Performance by peers Snap Inc. and Pinterest Inc. suggest that user growth generated by pandemic lockdowns is starting to boost spending as brands shift ad budgets back to online platforms.These are some events to watch this week:European Central Bank briefing from President Christine Lagarde will follow a policy decision on Thursday.Brexit negotiating teams have started intense daily talks, and these are likely to continue as both sides push to finalize a deal by the middle of November.The first reading of U.S. third-quarter GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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