Traders work on the floor of the New York Stock Exchange.
European and US stocks and oil prices recovered on Friday on US stimulus hopes, after Asian equities experienced wild swings, with traders closing out a week of carnage for world markets as the coronavirus pandemic fuels fears of a global recession.
Stock markets tumbled across the globe and oil prices slumped Thursday after President Donald Trump banned all travel from mainland Europe to the United States for a month to fight the coronavirus pandemic, ramping up fears of worldwide recession.
Wall Street’s main indexes fell on Friday after President Donald Trump threatened to slap new tariffs on China over the coronavirus crisis, while a profit warning from Amazon added to the gloom.
For 2021, Ifo cut its economic forecast for Germany to 5.1% growth from its previous estimate of 6.4%. It expects the economy to expand by 1.7% in 2022.
Sterling fell 0.51% to $1.2751 against the dollar, the lowest level since July 24 while the pound was down 0.25% against the European common currency at 92 pence.
Spot gold fell 0.9% to $1,895.38 per ounce by 0738 GMT. Prices fell more than 3% to $1,882.70 on Monday, the lowest level since Aug. 12. US gold futures were down 0.5% at $1,900.20 on Tuesday.