Financial Markets Daily Report 09 septiembre 2020

The tech sell-off in U.S. stock markets continued and spread to Asia in yesterday’s session. Risk-off market sentiment also weighed on European stocks, although they suffered relatively smaller declines.

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  • The tech sell-off in U.S. stock markets continued and spread to Asia in yesterday’s session. Risk-off market sentiment also weighed on European stocks, although they suffered relatively smaller declines.
  • The tech-heavy Nasdaq index entered correction territory as it fell 4.1%, led by falls in the stock prices of the largest tech companies including Apple and Tesla, who had its worst trading day ever. The S&P fell 2.8% and U.S. treasuries edged up as investors sought safety.
  • In Europe, the Eurostoxx index fell 1.4% and sovereign bonds rose notwithstanding a positive revision of the Q2 fall in eurozone GDP (from -12.1% qoq to -11.8%).
  • Oil markets remained affected by the recent resurgence of coronavirus cases amid fears that it will hinder the recovery in energy demand. The price of the barrel of Brent fell below $40 to $39.8 for the first time since June.
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