DAILY NOTION: Europe Confidence Slips, Bitcoin Corrects, and Slack Talk

Photo: Reuters

Investing.com -- Germany extends its lockdown restrictions through Dec 20 – but doesn’t tighten them much despite failing to bring down its infection curve. Consumer confidence in Europe’s two biggest economies falls. 

Bitcoin corrects sharply downward, and Ripple corrects even more sharply. Salesforce is reported to be close to buying Slack, and Exxon Mobil is gloomy on oil.

Here’s what you need to know in financial markets on Thursday, Nov 26.

1. Germany extends restrictions - but doesn't tighten them much

Germany’s federal and regional governments extended current restrictions on business and social gatherings until Dec 20 and expanded restrictions on mask-wearing, but otherwise shied away from tightening restrictions as it tries to bring its second wave of the coronavirus under control.

2. AstraZeneca drug doubts

Doubts are growing about the reliability of the data provided by AstraZeneca and the University of Oxford over the effectiveness of their experimental drug to fight the coronavirus.

Moncef Slaoui, the head of the U.S. Operation Warp Speed team tasked with funding vaccine development, said on Wednesday that the subgroup which reported the highest degree of efficacy in the stage two trial data released last week had been restricted to people under 55, an age bracket that appears in any case to be more resistant to the disease, or at least its more severe manifestations.

3. Stocks drift, Bitcoin slumps after rally

Global stocks stayed in mostly positive territory before drifting into range trading as the U.S. Thanksgiving Holiday loomed large over the day’s proceedings.

Weak consumer confidence data in France and Germany were marginally offset by stronger-than-expected credit growth figures from the European Central Bank, which is also due to release the accounts of its last policy meeting later.

By 6:30 AM, the STOXX 600 benchmark index was down less than 0.1%, while the Shanghai Shenzhen CSI 300 index closed up 0.2%.

There was a more violent correction in other markets, where Bitcoin gave up over 10% after an equally violent rally, while Ripple, another popular cryptocurrency, fell 22%.

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