Caution gripped markets on Thursday, with stocks falling before a key Eurogroup meeting to discuss joint stimulus measures, offsetting optimism from a fresh round of U.S. coronavirus aid and a recovery in oil prices.
The U.S. Congress looked on course to approve nearly $500 billion more in aid to help small businesses, while European Union leaders make another attempt at agreeing on a joint recovery fund.
Adding further pressure were business activity surveys in the euro zone that showed economies suffered massive blows from the coronavirus outbreak and measures to contain it. “Frankly, if we saw a full agreement today that would be a surprise, but progress and something that Italy can sign up to will be the key,” Jim Reid, a strategist with Deutsche Bank, said.
Asia was still riding the recovery in crude oil prices. MSCI’s broadest index of Asia Pacific shares outside of Japan rebounded from two-week lows to be up 0.4% following an overnight lead from Wall Street.
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