World Stocks Take Fresh Dip as COVID Infection Rate Weighs

World stocks slipped further on Friday and save havens got a fillip as jitters over a rising global COVID19 infection rate and next weeks U.S. presidential election weighed on sentiment.

A strong central bankfuelled bounce back from the initial pandemic slide earlier in the year has faltered this week with concerns about an even worse second wave of infections, particularly in Europe, taking the froth off markets.

World stocks were down 0.3 at 0717 GMT, tracking weakness in Asia and giving a nod to a likely weaker open on Wall Street later in the day. Gold rose, with spot prices climbing 0.2 to 1,871 an ounce.

In Europe, the bluechip EuroSTOXX 50 was down 0.6 to take its weekly loss to 6.8 and leaving it at levels last seen in late May.

MSCI39;s broadest index of AsiaPacific shares outside of Japan was last down 1.2, on track to break a run of four straight weeks of gains.

U.S. stock futures, meanwhile, were pointing to drops of around 1.4 to 1.9.

New lockdowns across Europe are being harshly repriced by markets, Barclays equity strategist Emmanuel Cau said in a note to clients.

With complacency going fast, this dip could end up offering another good entry point, but a lot depends on the election outcome and timing of the results.

The weak sentiment dragging Europe lower came despite the previous days pledge for more help from the European Central Bank when it next meets in December to help counter the potential economic hit from the pandemic.

This week has seen…

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