The weakness came even as U.S. stock futures vaulted higher on the Fed’s announcement it would buy an unlimited amount of Treasurys and mortgage-backed securities.
Markets in Europe had been under pressure as the U.S. Senate, shorthanded as one senator tested positive for coronavirus and others quarantined themselves, did not advance a bill on the stimulus package, as talks still continued between key Republican and Democratic figures.
Germany meanwhile may authorize more than 350 billion euros in new debt, according to reports, as Chancellor Angela Merkel was quarantined after coming into a contact with a virus-carrying doctor. The U.K. after markets closed on Friday rolled out a program that would guarantee most of the pay of workers kept on the payroll.
There have been 341,365 confirmed coronavirus cases globally, with 14,759 deaths and nearly 100,000 recoveries. Italy has had the most fatalities at 5,476, according to the Johns Hopkins tracker of official government data.
European companies announced cost-cutting moves in response.
turned higher, jumping 5% as it said it’s halting its buyback program as it announced cuts to operational and capital spending to boost its free cash flow by up to $9 billion before tax. Another major European oil company, Total
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