New York City (Reuters) – A dive in coronavirus cases in South Korea and Germany rattled financiers and sent out global equities markets lower on Monday, while safe-haven assets, including the dollar and U.S. Treasuries, edged greater.
SUBMIT IMAGE: The New York Stock Exchange (NYSE) is seen in the monetary district of lower Manhattan during the break out of the coronavirus disease (COVID-19) in New York City City, U.S., April 26,2020 REUTERS/Jeenah Moon
The accelerating infection rates come as countries varying from Japan to France are set to emerge from lockdowns that have frozen the worldwide economy.
A second wave of infections would likely snuff out the rally in equity markets as investors position for a severe and extended global recession.
” If we do have a 2nd wave and lockdowns, that’s practically the worst result from an economic point of view,” said Man Miller, primary market strategist at Zurich Insurance provider