Global stocks wobble as coronavirus cases surge and a 'harsh dose of COVID-19 reality' hits investors

• Stocks wobbled on Thursday as investors were spooked by a "stunning" rise in coronavirus cases and the International Monetary Fund's further diminished world economic outlook this year.
• US stocks are set to open slightly down as futures tied to major indexes fell only as much as 0.3%.
• "The harsh dose of Covid-19 reality capped a lousy night for the US, and by association, world markets," a senior Asia Pacific market analyst at OANDA said.
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Global stocks were shaky on Thursday as investors weighed the possibility of a rapid rise in US coronavirus cases leading to reimposed shutdowns, and a bleak economic outlook from the IMF.

On Wednesday, the US outpaced its highest single-day total of new infections by over 36,000. The bulk of new cases emerged from Florida, California, and Texas.

Futures tied to the S&P 500 fell 0.3%. European indexes reversed early losses as the pan-continental Euro Stoxx 50 rose 0.3%, and Germany's DAX rose 0.4%.

Case counts also rose abroad in New Zealand, Australia, Germany, South Korea, and China adding to a "harsh dose of COVID-19 reality" that capped the previous day's global stock market decline, said Jeffrey Halley, a senior market analyst at OANDA.

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Investor fears were also fueled by the IMF projecting an even deeper global recession than expected in April, with global gross domestic product expected to contract 4.9% this year. That is down from its previous forecast of -3% in April.

One analyst said the rapid rise in new infections in the US is both "stunning and unsurprising."

"It didn't take a genius to foresee this happening, with the country headed up by a leader who puts winning elections first, the economy second and, at best, human life a distant third," Connor Campbell, a financial analyst at SpreadEx, said in a note.

What remains doubtful is whether a stricter lockdown will be reimposed as President Trump may not be keen to double-down on the economic toll caused by the first round of restrictions, Campbell said.

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Here's the market roundup as of 10.50 a.m in London (5.50 a.m. ET):

• Asian indexes were mostly down with China's Shanghai Composite flat, Hong Kong's Hang Seng down 0.5%, and Japan's Nikkei down 1.2%.
• European equities were mixed, with Germany's DAX up 0.4%, Britain's FTSE 100 down 0.1%, and the Euro Stoxx 50 up 0.3%.
• US stocks are set to open slightly lower. Futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell 0.3%.
• Oil prices fell, with West Texas Intermediate down 0.6% at $37.75, and Brent crude down 0.3% at $40.19.
• The benchmark 10-year Treasury yield fell to 0.66%.
• Gold fell 0.2% to $1,771 per ounce.

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