U.S Indices closed lower for the third consecutive trading session as fears of a stalling job market recovery weighed on markets. New Initial Jobless Claims reached 898,000 in the week ending October 10, according to the Department of Labour. This was an increase from the prior week, and more than Wall Street’s estimate of 825,000. The recent stall in the numbers just above the 800,000 range could fuel the bearish case for a slowing economic recovery. On the vaccine front, BioNTech’s CEO said that while the company’s COVID-19 vaccine, being jointly developed with Pfizer, has some side effects, the trial could still publish safety data as early as this month. Scepticism around stimulus remained, as President Donald Trump said he would be in favour of a deal above the $1.8 trillion Republican proposal. The NASDAQ 100 led the decline, closing 0.72% lower. European Indices got hit hard yesterday, led by the DAX which finished 2.3% lower. French President Emmanuel Macron said he does not envisage national lockdowns but the country will impose nightly curfews and limit gatherings to contain the Coronavirus spread. The German government announced new restrictions on gatherings and mandates on wearing face masks as the number of daily COVID-19 infections passed 5,000. London Mayor Sadiq Kahn said the city was preparing for the introduction of stricter measures to contain the advance of Coronavirus cases. Group of 20 finance ministers pledged to do whatever it takes to support the global economy and promote financial stability. Elsewhere, Oil closed 0.5% lower as fears of rising Coronavirus cases across the world sparked concerns of slowing growth, while Gold closed flat after a mixed trading session.
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