Stock Markets Ease On Concern Over Excessive Valuations
Faizan Hashmi 13 days ago Tue 23rd February 2021 | 12:25 AM
Stock markets fell for the most part Monday as falling infection rates and upbeat vaccine news failed to allay growing concern over high valuations and inflation
London, (UrduPoint / Pakistan Point News - 22nd Feb, 2021 ) :Stock markets fell for the most part Monday as falling infection rates and upbeat vaccine news failed to allay growing concern over high valuations and inflation.
While the United States nears 500,000 Covid deaths, optimism is rising as governments embark on immunisation programmes that should allow economies to reopen.
Prime Minister Boris Johnson is to start unwinding England's third and potentially final coronavirus lockdown now that a quickening UK-wide inoculation drive is relieving pressure on overstretched hospitals.
The Ifo institute's monthly confidence barometer, based on a survey of 9,000 companies, climbed to 92.4 points from 90.3 points in January, when tougher measures to fight the pandemic were introduced.
European stock markets "have kicked off the week on a somewhat unstable footing, with the fears over rising inflation and (US) Treasury yields once again dampening sentiment on a day that had promised to be dominated by reopening hopes", noted Joshua Mahony, senior market analyst at the IG trading group.
The pound held gains above $1.
Bitcoin fell to below $52,000, having hit another record high of $58,350 and passing $1 trillion in market capitalisation.
Concern is growing that an expected recovery and US stimulus package will fuel a surge in inflation, and that the Federal Reserve would then wind back record-low interest rates.
- Key figures around 1430 GMT - London - FTSE 100: DOWN 0.6 percent at 6,587.53 points Frankfurt - DAX 30: DOWN 0.5 percent at 13,903.47 Paris - CAC 40: DOWN 0.4 percent at 5,748.58 EURO STOXX 50: DOWN 0.7 percent at 3,686.69 New York - Dow: DOWN 0.5 percent at 31,336.63 Tokyo - Nikkei 225: UP 0.5 percent at 30,156.03 (close) Hong Kong - Hang Seng: DOWN 1.1 percent at 30,319.83 (close) Shanghai - Composite: DOWN 1.5 percent at 3,642.44 (close) Pound/dollar: UP at $1.4035 from $1.4004 at 2130 GMT on Friday Euro/dollar: UP at $1.2145 from $1.2114 Euro/pound: UP at 86.53 pence from 86.48 pence Dollar/yen: DOWN at 105.38 Yen from 105.46 yenBrent North Sea crude: UP 1.7 percent at $63.98 per barrelWest Texas Intermediate: UP 2.3 percent at $60.60 per barrel