Markets slide as fears over Covid-19 economic recovery grow – business live


Rolling coverage of the latest economic and financial news

7.02am BST

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Uncertainty surrounding the economic outlook remained very elevated, with the path of the economy highly dependent on the course of the virus and the public sector’s response to it

Participants generally agreed that prospects for further substantial improvement in the labor market would depend on a broad and sustained reopening of businesses. In turn, such a reopening would depend in large part on the efficacy of health measures taken to limit the spread of the virus….

Members stated that the path of the economy would depend significantly on the course of the virus. In addition, members agreed that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term.

Related: Coronavirus live news: Germany hits highest cases since April; South Korea warns of ‘nationwide pandemic’

Global mkts turn in Risk-Off mode after Fed spoiled party. Minutes showed no enthusiasm for yield curve control & signaled tempered growth optimism. Bonds stabilized after initial sell-off w/US 10y yields at 0.66%. Dollar strengthens w/Euro at $1.1840. Gold 1945, Bitcoin $11.7k.

European Opening Calls:#FTSE 6033 -1.29%#DAX 12806 -1.32%#CAC 4906 -1.43%#AEX 553 -1.35%#MIB 19834 -1.10%#IBEX 6998 -1.35%#OMX 1753 -1.24%#STOXX 3272 -1.37%#IGOpeningCall

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