The US dollar strengthened globally on demand for the world's most liquid currency amid an alarming rise in coronavirus cases globally, which cast a shadow over a speedy recovery in the economy. Asian Most share indices dipped today as investor sentiment turned negative after some states in the US reported a record rise in coronavirus cases and trade tensions between the European Union and US. European share indices closed sharply lower on Wednesday as investors turned risk averse due to surge in coronavirus cases around the world. Crude Futures slumped over 5% on Wednesday as US crude oil storage recorded another jump and coronavirus cases surged globally.Gold futures settled lower on Wednesday as global strength in the greenback also weighed on prices of the precious metal. US Stocks indices ended sharply lower on Wednesday as fears over another round of lockdown measures after the US recorded the second-largest daily rise in COVID-19 cases.
Share indices tumbled globally as investors turned risk averse due to a resurgence in coronavirus cases globally.The US reported the second-largest daily rise in new COVID-19 cases, while Latin America and India also reported a sharp rise in infections. According to reports, new cases rose 25% on week in the US. Concerns that rising virus cases may prompt governments to slow the pace or reverse the reopening of economic activities kept global investors on edge. Underlining the economic uncertainty this year, the International Monetary Fund cut its economic forecast for 2020, saying that the coronavirus pandemic has caused an unprecedented decline in global activity.The global economy is now seen shrinking 4.9% in 2020 as against contraction of 3.0% forecast in April. For 2021, global growth has been pegged at 5.4%, down from 5.8% earlier, according to the IMF's June update to its World Economic Outlook report