Thu, 22 Oct 2020

NEW YORK, New York - Stocks fell sharply around the world on Monday, while the U.S. dollar rose sharply.

The biggest falls came in Europe where lockdowns are being reimposed across the region as a second wave of the cornavirus takes hold.

Shares were equally as out of favor in the UK which is also beset with increasing bouts of the disease.

Wall Street tumbled on Monday, with the Dow Jones index at one stage falling by more than 900 points.

The death of Supreme Court Justice Ruth Bader Ginsburg and the wrangle over her replacement is likely to distract lawmakers from finalizing a new stimulus packed ahead of the 3 November presidential election.

"It just kind of crowds out the agenda, the idea that we are going to get a fiscal stimulus package before the election," Ed Campbell, portfolio manager and managing director at QMA in Newark, New Jersey told Reuters Thomson Monday.

"There is also just general election-related jitters ... and possibly that we have a contested or delayed outcome."

At the close of trading Monday, the Dow Jones Industrial Average .DJI was down 509.72 points or 1.84% at 27,147.70.

The Standard and Poor's 500 fell 38.41 points or 1.16% to 3,281.06.

The Nasdaq Composite shaved off 14.48 points 0.13%, to 10,778.80.

The euro fell to .1766 by the New York close Monday. The British pound was friendless at 1.2821. The Japanese yen was down at 104.68, but up on its Asian close of 104.10. The Swiss franc was soft at 0.9149.

The Canadian dollar was sharply weaker at 1.3305. The Australian dollar fell to 0.7227. The New Zealand dollar tumbled to 0.6668.

German shares plunged on Monday, with the benchmark DAX index down 573.81 points, or 4.37%, to close at 12,542.44 points, Xinhua reported.

All DAX 30 shares lost. Deutsche Bank lost 8.76%, the top loser among the blue chips, followed by aircraft engine manufacturer MTU Aero and multinational building materials company HeidelbergCement, which lost 7.9% and 7.85% respectively.

Manufacturing and electronics company Siemens was the most traded share of the day with a turnover of 374.57 million euros ($441.51 million).

In Paris, the CAC 40 plummeted 3.74%, while in the UK, the FTSE 100 shed 3.38%

On Asian markets, the worst performer was Hong Kong's Hang Seng which shed 504.72 points or 2.06% to 23,950.19.

The Australian All Ordinaries lost 44.10 points or 0.73% to 6,013.50.

China's Shanghai Composite dipped 44.10 points or 0.63% to 3,316.95.

The lone gainer, the Nikkei 225 added 40.90 points or 0.18% to 23,360.30.

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