Tuesday, November 24, 2020

European stocks close lower on Covid alert, U.S. upgrade; Logitech hops 16%

European stocks shut generally lower on Tuesday, as worries about the Covid in Europe, and a cutoff time for U.S. financial improvement to be concurred, burdened market slant.

The skillet European Stoxx 600 shut somewhere near 0.2% temporarily, paring prior misfortunes, with Germany’s DAX and France’s CAC shedding 0.9% and 0.3% separately, while the U.K’s. FTSE 100 was barely higher. Regarding areas, tech stocks drove the misfortunes, down 1%, while banks climbed 0.9%.

The course of the coronavirus pandemic is at the forefront of investors’ minds as the number of daily new infections reached a record high in Europe Monday. Investors are also keeping an eye on U.S. politics. U.S. stocks climbed early on Tuesday ahead of a deadline for a new fiscal stimulus deal from Washington.

It comes after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin “continued to narrow their differences” in a Monday afternoon phone call to discuss another stimulus package, according toPelosi’s spokesman Drew Hammill. The speaker said that Tuesday is the deadline to reach an agreement before the Nov. 3 election.

Looking at individual stocks, UBS reported a net income of $2.1 billion for the third quarter on Tuesday, up 99% from the same period last year. Analysts had forecast reported net income of $1.5 billion for the quarter, according to data from Refinitiv Eikon. Shares of the world’s largest wealth manager rose almost 3% on the news.

Sticking with Swiss companies, Logitech surged to the top of the European benchmark during Tuesday’s trade. The computer equipment maker reported a 75% jump in second-quarter sales, citing a boost in demand as many people adapt to working from home amid the pandemic. Shares of Logitech jumped almost 16%.

Meanwhile, rail booking app Trainline fell nearly 13% after announcing that CEO Clare Gilmartin will step down at the end of February 2021.

Related articles

China should play by rules; US to rejoin WHO, says President-elect Biden

US President-elect Joe Biden has said that he needs to ensure that China carries on reasonably and reported that his organization will rejoin the World Health Organization. Biden was...

Pakistan’s economy to become 1.5-2.5 percent in current monetary: Report

Desperate Pakistan's economy, which has been hit hard by the Covid pandemic, will pivot and become 1.5-2.5 percent in the current financial year, as per the nation's national bank.

Kenya giving extreme rivalry to India’s black tea trade in worldwide market

Kenya is giving an intense rivalry to India's dark tea exporters in the worldwide business sectors when the progressing pandemic has affected the nation's fares of the item. It is offloading tea...

Huawei trusts Biden administration brings a ‘reset’ to relations, says tech official

Huawei plans to "reset" relations with the United States under Joe Biden's official organization, as per a senior leader at the telecom gear and cell phone monster. Paul Scanlan,...

Asia Pacific Nations Sign the World’s Biggest Trade Deal

Asia Pacific countries including China, Japan and South Korea on Sunday marked the world's biggest local international alliance, enveloping almost 33% of the total populace and GDP. High ranking...