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Global stocks limp higher after Wall Street indexes crashed the most since June, but tougher COVID-19 rules in Europe and the US election cap gains

Global stocks limp higher after Wall Street indexes crashed the most since June, but tougher COVID-19 rules in Europe and the US election cap gains


Reuters / Brendan McDermid



Global stocks limped higher on Thursday after the biggest one-day loss on Wall Street since June, but new lockdowns in Europe and next week's US election were curbing gains.A 



European stocks rose in the range of 0.2% to 0.7% and US futures rose as much as 1%.



"The overnight misery on the most toxic combination of more stringent mobility restrictions, traders unwilling to add risk ahead of the US election next week, and the pre-election US stimulus impasse has seemingly abated for now," said Stephen Innes, chief global market strategist at Axi.



Most Asian markets edged modestly lower after Reuters reported that Joe Biden would immediately consult with America's main allies on the future of US tariffs on China.



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Global stocks recovered slightly on Thursday from carnage the previous day, when Wall Street indices crashed by the most since June, as record numbers of new cases of COVID-19 in the United States and new lockdowns in Europe began to erode optimism over the economic outlook.Led by modest gains on the European market, US stock futures edged higher, following a 3% drop the day before.The Euro Stoxx 50 rose 0.2%, London's FTSE 100 rose 0.4%, and Frankfurt's DAX rose 0.7%.Oil and gas stocks benefitted from a rally in shares of Royal Dutch Shell, which beat expectations with its third-quarter results, while among the laggards were travel and retail stocks, highlighting the concern about consumer spending, as lockdown measures tighten across Europe.
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