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Global shares edge lower on new COVID-19 outbreaks in Asia

Economy Jun 29, 2021 07:47PM ET
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2/2 © Reuters. A man wearing a face mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a novel coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. REUTERS/Aly Song/Files 2/2
 
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(Updates with Asia futures, changes headline tag)

By Elizabeth Dilts Marshall

NEW YORK (Reuters) -Global shares edged lower on Tuesday, as new coronavirus outbreaks in Asia vied with strong U.S. and European consumer confidence, and investors speculated about whether the Federal Reserve would accelerate its timetable to end easy monetary policy.

The U.S. dollar rose to a one-week peak on safe-haven buying stoked by fears that the highly contagious Delta variant could derail a burgeoning economic recovery.

MSCI's all country world index, which tracks shares across 50 countries, shed 0.06%, as declines in Asian equities undercut new highs in U.S and European markets.

The Nasdaq closed at a record high, boosted by technology stocks and a government survey showing U.S. consumer confidence in June hit its highest level since the pandemic started.

European shares ended higher after data there showed economic sentiment hit a 21-year high in June. The pan-European STOXX 600 index closed 0.3% higher at 456.37 points.

Still, MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.55% lower, Japan's Nikkei lost 0.81%, and Chinese stocks lost 0.92%.

The Australian S&P/ASX 200 futures rose 0.46% in early trading, while Japan's Nikkei 225 futures fell 0.07%.

Investors are worried about the economic impact of the highly infectious Delta variant. Indonesia, Malaysia, Thailand and Australia are all battling outbreaks and tightening restrictions, and Spain and Portugal announced restrictions for unvaccinated British tourists.

"These are headwinds to risk assets performing well, but if we step back, we are still looking at equity indices that continue to hit all time highs," said Patrick Leary, chief market strategist and senior trader at Incapital.

Investors are also waiting for the U.S. jobs due out on Friday, the results of which could influence Fed policy.

Economists polled by Reuters are expecting a gain of 690,000 jobs for June, up from 559,000 in May.

On Monday, Richmond Federal Reserve President Thomas Barkin said the U.S. central bank has made "substantial further progress" toward its inflation goal in order to begin tapering asset purchases.

"A good number will speed up the debate about tapering asset purchases soon and raising rates sooner," Leary said.

Unofficially, the Dow Jones Industrial Average rose 20.24 points, or 0.06%, to 34,303.51, the S&P 500 gained 2.05 points, or 0.05%, to 4,292.66 and the Nasdaq Composite added 28.67 points, or 0.2%, to 14,529.17. (N)

The Nasdaq was boosted by Apple Inc (NASDAQ:AAPL), while the S&P was helped by Morgan Stanley (NYSE:MS)'s news late Monday that it would double its dividend.

Germany's DAX added 0.9%, after Adidas (OTC:ADDYY) lifted the German index with news of a share buy back plan.

The U.S. dollar rose to a one-week peak. The dollar index, which tracks the greenback versus a basket of six currencies, rose 0.2% to 92.077, with the euro down 0.19% to $1.19.

Sterling was last $1.3849, down 0.24%. The Australian dollar fell 0.71% versus the greenback at $0.751.

Oil prices rose as hopes for a demand recovery persisted despite new outbreaks of the Delta variant.

Brent crude futures settled up 8 cents, or 0.11%, and U.S. crude settled up 7 cents, or up 0.10%. [O/R]

Spot gold dropped 1.0% to $1,760.77 an ounce. U.S. gold futures fell 1.06% to $1,761.00 an ounce.[GOL/]

Yields for benchmark 10-year U.S. Treasuries were last up less than a basis point at 1.4816%. [US/]

Germany's 10-year bond yield was up 1 basis point at -0.173%.

Global shares edge lower on new COVID-19 outbreaks in Asia
 

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Comments (18)
Eduff San
Eduff San Jun 30, 2021 12:41AM ET
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No effect at all. Covid is end. Just look oil price chart, you will see there are no covid
Jozef Drozd
Jozef Drozd Jun 29, 2021 7:07PM ET
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About 4,000 mutations of the corona virus are known, according to English scientists. One variant per day is enough for the next 11 years.
YouTube Account
YouTube Account Jun 29, 2021 4:20PM ET
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2020: flu rebranded as covid; 2021: vacksine reactions rebranded as covid.
Jozef Drozd
Jozef Drozd Jun 29, 2021 4:20PM ET
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100% right !
Ron Love
Ron Love Jun 29, 2021 3:31PM ET
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Good grief ppl are dopey. The Fed isnt raising interest rates until 2023, the only other way they could say it is writing it in stone.
Theo Ross
Theo Ross Jun 29, 2021 9:25AM ET
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Damn. Look at all these commenters. So smart people, giving their incredible and use full opinions. This comments section looks like a pub in some countryside from 20 years ago, with to much alcohol at 11am.
Anthony Cloud
Anthony Cloud Jun 29, 2021 7:30AM ET
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Vaccinated folks about to get wiped out
Dave Jones
Dave Jones Jun 29, 2021 3:33AM ET
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but wasn't the vaccine meant to fix everything?
Michael Young
Michael Young Jun 29, 2021 3:32AM ET
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covid 19 and now Delta variant = weapons of mass destruction = that make Elite global and illuminaty and they is Dajjal's minions, if you want to blame or who is the mastermind behind covid 19, they are (Global Elite) who are responsible, in order to create a new world order they are willing to sacrifice many innocent people
Michael Dell
Michael Dell Jun 29, 2021 2:51AM ET
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These rubbish of fed doing tapering will have to continue for another 3 years as Fed isnt tapering anytime before 2024 so keep on hoping
David David
David9 Jun 29, 2021 1:57AM ET
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Watch... I bet anyone here, after the 4th, we will see a lot of spike up again...
 
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