Stocks mixed ahead of EU leaders’ call on coronavirus response

·Finance and news reporter
·2-min read
German Chancellor Angela Merkel speaks during a media conference during an EU summit in Brussels, Friday, Dec. 13, 2019. European Union leaders gathered for their year-end summit and discussed climate change funding, the departure of the UK from the bloc and their next 7-year budget. (AP Photo/Francisco Seco)
German chancellor Angela Merkel at an EU summit in Brussels. (Francisco Seco/AP)

Global stocks were mixed on Tuesday, even as hopes grew that Monday’s huge Wall Street sell-off would push leaders around the world into taking stronger action to counteract the coronavirus fallout.

Stocks in the US, which had their worst day since 1987 on Monday, rose slightly. The S&P 500 (^GSPC) was up by more than 2%.

The Dow Jones Industrial Average (^DJI) rose by 0.8%, while shares on the Nasdaq (^IXIC) were also up by around 2%.

In Europe, traders turned their attention to a scheduled conference call of European Union leaders, who will discuss virus containment measures, the provision of medical equipment, boosting research, and “limiting” the economic impact.

The pan-European STOXX 600 index (^STOXX), which fell sharply on Monday, fell a further 0.7% on Tuesday.

London’s FTSE 100 (^FTSE) fell by almost 0.7%. Germany’s DAX (^GDAXI) fell by 0.4%, while France’s CAC 40 (^FCHI) fell by over 0.6%.

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US stocks on Monday suffered their worst declines since 1987, as investors grew increasingly anxious about the impact of the pandemic.

“As quick as it came the European rebound disappeared, the initial burst of optimism at the open proving to be — as it as many times across the last few weeks — unsustainable,” said Conor Campbell, a financial analyst at Spreadex.

“Still awaiting an appearance from Chancellor Rishi Sunak, the FTSE at least managed to keep its losses at the lower end of the spectrum,” he said.

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The losses in Europe followed a mixed trading session in Asia.

China’s SSE Composite Index (^SSEC) fell by 0.34% on Tuesday, while the Hang Seng (^HSI) was up 0.87% in Hong Kong at market close.

Japan’s Nikkei (^N225) rose by just 0.06%. The KOSPI Composite Index (^KOSPI) in South Korea closed almost 2.5% in the red.

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