Saturday 19 September 2020 9:17 am

Global stocks slip as coronavirus cases rise

Stock markets around the world continued to stutter this week as an increase in Covid-19 cases in across Europe weighed on market sentiment.

Wall Street saw early gains on Friday reverse and the S&P 500 and Nasdaq ended the session posting a third straight week of declines, led by this week’s Federal Reserve meeting and coronavirus outbreaks across Europe.

The S&P 500 lost 37 points, or 1.12 per cent, to 3,319, ending the week 0.65 per cent down.

Meanwhile the Nasdaq dropped 117 points, or 1.07 per cent, to 10,793, declining 0.56 per cent for the week, as tech firms led equities lower.

The Dow Jones also fell on Friday, losing 244 points, or 0.88 per cent, to 27,657, while the dollar posted its fifth straight day of declines against the yen.

In the UK, the FTSE 100 and FTSE 250 both shed 0.7 and 1.0 per cent respectively, ending the week relatively flat.

It comes as the country introduced new coronavirus restrictions in multiple regions and considers a second national lockdown.

In Europe, where outbreaks have also continued and caused further lockdown measures to be introduced, France’s Cac 40 finished Friday 1.22 per cent down, while the German Dax slipped 0.77 per cent.

Meanwhile, oil prices remained steady for the week, with Brent crude futures finishing at $43.15 a barrel.

Gold posted more gains to finish at 1,957 per ounce as investors turned to safe havens again.