European markets react to surge in coronavirus cases

European stocks are expected to open lower Wednesday as a surge in coronavirus cases in the U.S. and beyond, and regional outbreaks in Germany, spook investors.

London’s FTSE is seen 47 points lower at 6,280, Germany’s DAX is expected to open 74 points lower at 12,470, France’s CAC 40 is seen 25 points lower at 4,995 and Italy’s FTSE MIB is seen 72 points lower at the open, at 19,641, according to IG.

White House health advisor Dr. Anthony Fauci warned Tuesday that parts of the U.S. are beginning to see a “disturbing surge” of Covid-19 cases.

Fauci did also say, however, that states with growing coronavirus outbreaks may not need to do an “absolute shutdown.” More than 2 million people in the U.S. have been infected with the coronavirus so far, according to data compiled by Johns Hopkins University. 

Stocks in Asia Pacific mostly edged higher Wednesday morning while U.S. stock futures also edged higher overnight, despite concerns over the spike in cases in the U.S. and several outbreaks in Germany, one of which led to an entire district being locked down again Tuesday.

There are no major European earnings Wednesday, but Germany’s Ifo Institute’s survey of German business sentiment will be closely watched.

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