Markets nervous over Covid-19 lockdowns ahead of US GDP and ECB meeting – business live

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Rolling coverage of the latest economic and financial news

7.40am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

After a brutal day’s trading yesterday, global stock markets are on edge as the escalating Covid-19 pandemic fuels fears of a double-dip downturn.

Related: Markets fall as prospect of winter lockdowns in Europe triggers sell-offs

Related: Covid has hit ‘critical’ stage in England, research finds

Wall Street closes down more than 3% as COVID-19 cases continue to surge https://t.co/WVkXJiNnfv pic.twitter.com/8w1Sa7Esv7

European equities headed South and Wall Street was all too happy to join in with Covid-19 cases ramping up in the US and any hope of a US stimulus package in November (it was previously pre-election), left blowing in the wind.

The belated realisation that the US Senate race is the real election race next week is likely to dampen any comeback enthusiasm, with nine states too close to call and the Supreme Court waiting to adjudicate results.

Markets delivering the maximum amount of punishment to the most investors. Worst performing sectors yesterday… Probably not where you would expect the pain to be on ‘lockdown’ news.

Europe: Utilities -3.5%
US: Tech -4.33% pic.twitter.com/doGMUdoZel

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