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$VOD ...European markets open weaker as COVID-19 cases and fatalities keep risingChangeTheClimate, published November 26, 2020
“With infection and hospitalisation rates rising, and the risk that current lockdown restrictions either remain in place, or get extended into 2021, the probability that any economic damage will become permanent is only likely to increase,” said Michael Hewson, chief market analyst at CMC Markets. “These risks then need to be offset by the longer-term benefits of a workable vaccine, which even if starting to get rolled out next year, could take up to two years to really make a difference.”
Brexit is also a major factor in risk sentiment for UK markets.
Sterling has taken a hit following an overnight report from The Times that Europe’s leaders will demand later on Thursday that the European Commission should publish no-deal plans amid fears that Brexit negotiations are continuing without businesses knowing how to prepare for the worst scenario.