Home Stock Market Stocks struggle for direction and the bond rally continues with the coronavirus...

Stocks struggle for direction and the bond rally continues with the coronavirus situation worsening


European stocks inched higher as investors retreated into bonds, with global coronavirus worsening and vaccine deployment hampered by safety concerns.

Global coronavirus counts hit a weekly record of 5.2 million infections, Bloomberg News reported, quoted data from Johns Hopkins University. The US has discontinued use of Johnson & Johnson’s pharmaceuticals
JNJ,
+ 1.15%

vaccine while investigating how it leads to death from blood clotting, as many countries have restricted the pharmaceutical company AstraZeneca’s
AZN,
+ 0.81%

Shoot through the same fears.

Viral concerns emerge as the United States reaches a milestone where more than half of its adult population is given at least one dose. The vaccination campaign in Europe is also on the rise after slow start.

Stoxx Europe 600 index
SXXP,
+ 0.14%

up 0.2%, while US stocks futures
ES00,
-0.10%

go lower. 10-year US Treasury yield
BX: TMUBMUSD10Y

dropped to 1.56%. Yields move in the opposite direction of price.

“The continued decline in US yields last week suggests continued sell-offs have improved,” said analysts at Generali Investments, the fund management arm of the Italian insurance company. US economic data released last week showed a strong rebound, with retail sales up nearly 10% in March.

The biggest market move is in the crypto space, with bitcoin
BTCUSD,
+ 1.52%

slip on the weekend.

Among the moving stocks, ABN Amro
ABN,
+ 1.65%

3% increase, as the Dutch bank agreed to pay a fine of 480 million euros after the Dutch Prosecutor’s Office discovered serious shortcomings in its anti-money laundering procedures.

Similar investigation prompted Danske Bank CEO Chris Vogelzang to resign, prompting the Danish bank
DANISH,
-0.97%

shares fell 2%. Vogelzang holds roles at ABN Amro including private banking and global retail operations. Vogelzang said Danske Bank is under “close scrutiny”, especially regarding anti-money laundering as the aftermath of the Estonia problem has not yet been resolved.

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