FT News Briefing US stocks drop on Monday on coronavirus fears, European banks, Alibaba’s push into grocery delivery
Oct 27, 2020
US stock markets faced their largest decline in a month, fueled by rising coronavirus cases threatening business activity. Meanwhile, European banks showed resilience with improved earnings, as UBS pledged to enhance payouts. Alibaba is making waves in the crowded grocery delivery sector, acquiring a significant stake in a Chinese supermarket chain. Experts discuss the competitive landscape and how technology is driving Alibaba's expansion into this essential market.
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US and European Stock Market Drop
- US stocks had their worst day in a month due to rising coronavirus fears and stimulus uncertainty.
- European stocks also fell, with Germany's DAX index slumping nearly 4%.
Stimulus Impasse and Virus Fears
- The impasse in Washington over the stimulus package fueled investor uncertainty.
- Concerns about rising coronavirus cases and delayed vaccine availability contributed to market anxieties.
European Banks' Performance
- European banks demonstrate resilience amid the pandemic, aided by investment banking and wealth management profits.
- Retail and corporate-focused banks may face more challenges due to lockdowns and economic slowdown.