No Name, Global stock markets slide on gloomy economic data

[Image]( EMAIL}/redirect FRIDAY, AUGUST 21, 2020 | YURI KAGEYAMA, AP BUSINESS WRITER TOKYO (AP) — Global shares turned lower on Friday after new economic data showed a slowdown in Europe's economy and amid worries about a resurgence in coronavirus cases in many countries. European stocks fell after a survey of businesses found that growth in economic activity eased in August after a jump in July, when businesses were reopening from coronavirus lockdowns. The so-called PMI survey suggests that a steady rise in new coronavirus cases is undermining growth, and that the outlook for jobs remains dim. It also follows U.S. data on Thursday that showed weekly jobless claims picked up again, suggesting any economic recovery will be gradual. France's CAC 40 fell 1.2% to 4,852, while Germany's DAX also dropped 1.2% to 12,674. Britain's FTSE 100 slipped 1% to 5,954. U.S. shares were set to slide on the open with Dow futures down 0.5% and S&P 500 futures 0.6% lower. Earlier, Asian benchmarks close higher, riding on momentum from Wall Street the previous day, with big technology companies benefiting from people staying home during the pandemic. Japan's benchmark Nikkei 225 gained 0.2% to finish at 22,920.30. South Korea's Kospi edged up 1.3% to 2,304.59. Australia's S&P/ASX 200 inched down 0.1% to 6,111.20. Hong Kong's Hang Seng added 1.3% to 25,113.84, while the Shanghai Composite rose 0.5% to 3,380.6. Reports that Pfizer’s vaccine is on track to seek October regulatory review boosted sentiment temporarily despite uncertainty about global growth, said Jingyi Pan, market strategist at IG in Singapore. Pfizer and its German partner BioNTech said they will take their COVID-19 vaccine candidate with the fewest side effects into final-stage testing. It’s one of a handful of experimental vaccines to reach end-stage tests around the world. “But this morning brief moment of vaccine excitment was tempered by the fact COVID -19 flashpoints are still happening around the globe, which is the current real-time litmus test, whereas the vaccine is still a bit of pie in the sky at this juncture,” Stephen Innes, chief global market strategist at AxiCorp, said in his report. EMAIL}/redirect Investors are also looking to U.S.-Chinese diplomatic tensions. China's Commerce Ministry on Thursday said that Chinese and U.S. trade envoys will hold a meeting by phone “in the near future” to discuss an agreement aimed at resolving their tariff war. No details on timing were given. White House economic adviser Larry Kudlow said the talks were part of the process of implementing the U.S.-China trade deal. Benchmark U.S. crude oil fell 45 cents to $42.37 a barrel. Brent crude, the international standard, slipped 44 cents to $44.46 a barrel. The dollar slipped to 105.84 Japanese yen from 105.87 yen Thursday. The euro cost $1.1773, down from $1.1842. EMAIL}/redirect [5 Oil Stocks That May Not Survive the Current Crisis]( What would you think of the long-term prospects of a business that paid you to buy their products? That’s an oversimplification of what occurred to the May futures contract for oil on April 20. The price for that contract sold for a negative price for the first time in history. The crisis befalling the oil companies at this time can best be described as “only the strongest survive.” There’s just no way the oil companies can possibly handle month after month of rock-bottom oil prices. The problem is almost comically simple to understand. There is a massively reduced demand for oil as millions of Americans are following mitigation orders ranging from social distancing guidelines to more restrictive shelter in place orders. At the same time, the market is trying to absorb the oversupply of oil that came from Russia and Saudi Arabia. However, when the year started, things looked like it might be business as usual for oil producers. The U.S. economy was humming along and there was talk that the second half of the year might finally bring the boost to oil prices that many companies badly needed. However, since the middle of February, the bottom has dropped out of the market in general, and oil prices have been one of the main sectors to feel the impact. Initially, investors tried to remain optimistic. A month ago, investors thought that the economy might be reopening sooner rather than later. However, the exact timing of the reopening is about as fluid as a barrel of oil. And with it looking more likely that there will be more demand destruction at least through May, there’s very little to prop up the stock of any oil companies. And that means that, in all likelihood, there will not be room left for some oil companies. We’ve highlighted five oil stocks that have a strong probability of not surviving the chaos surrounding the coronavirus and our nation’s response. EMAIL}/redirect To get Exclusive Offers make sure you grab your cellphone (which you are probably doing right now) and join our VIP text messaging list (standard text and messaging rates may apply)to make it even easier, if you are on your cell phone now click this Button Below: [SIGN ME UP NOW]( © 2019 PTE.la PTE, LLC (publisher of PTE.la) is NOT registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. 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