U.S. Equity Markets rebounded from the biggest rout in 12 weeks as dip-buyers emerged for companies that bore the brunt of Thursday’s selling. Treasuries fell, while the US Dollar rose. Real-estate, financial and energy companies led gains in the S&P 500. Cruise operators and airlines that were among the hardest-hit during the rout soared. Earlier Friday, the gauge fell as the World Health Organization said the risk of a second wave of Coronavirus is present for any country exiting lockdowns. States and cities might have to resume shutdowns if cases surge dramatically, top officials at the U.S. Centres for Disease Control and Prevention said. While U.S. stocks recovered Friday, all three major equity gauges fell for the week on concern over the pace of recovery following months of lockdown. Arizona and Oklahoma were among U.S. states to report record one-day increases in new Coronavirus cases, a month after easing restrictions. Florida had the biggest daily jump since May 1. White House economic adviser Larry Kudlow said a new wave of cases has not appeared. Overnight all changed, U.S. and European futures tumbled and haven assets climbed on Monday, returning markets to last Thursday’s risk-off mode, spurred by worries over a second wave of infections that could dash hopes for a V-shaped recovery. Futures on the S&P 500 slid over 3% at one point, and European contracts were down more than 2%. Japanese, Australian and Hong Kong stocks also slumped, with South Korea sinking 4% plus. The US Dollar climbed along with the Japanese Yen, and Treasuries advanced. Crude oil crumbled. The moves suggested the stabilisation on Wall Street Friday in wake of a near 6% stock slide may be temporary. Chinese Economic data Monday showed the world’s second-largest economy had a smaller bounce back in May than economists had expected, with Retail Sales continuing to drop and Industrial Output rising less than forecast. On the virus front, more than 20 U.S. States are seeing a pick-up in cases, Tokyo reported a jump over the weekend and a fresh outbreak in Beijing prompted officials to close a market there.
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