[21.7.20 기사] 델타 변이 이후 빠르게 회복하는 주가

Stocks begin a shaky recovery after the Delta variant spread prompted a rout.

[기사 원문]

U.S. stock futures and European equity indexes rose on Tuesday, beginning a tentative recovery from the stock market’s worst day in months. Surging numbers of coronavirus cases, spurred by the Delta variant, had unnerved investors on Monday and introduced a bout of volatility into financial markets. 

The quickening spread of the virus and the uncertain path of monetary policy have been a reminder that the recovery from the pandemic remains rocky.

“Markets are clearly reassessing the risks posed by the new variant,” said Hugh Gimber, a strategist at JPMorgan Asset Management in London. “Nothing has changed in the data, the current vaccines still appear to be very effective at preventing severe illness but the optimism around how smoothly and how quickly the global economy can reopen has faded this week.”

The rebound in the markets on Tuesday was relatively modest. The S&P 500 is set to open 0.6 percent higher, futures indicated, a day after the benchmark U.S. index dropped 1.6 percent and the VIX, a gauge of market volatility, hit its highest level since mid-May.

In the bond market, yields continued to decline. The yield on 10-year U.S. Treasury notes fell one basis point, or 0.01 percentage point, to 1.18 percent, undoing a rise earlier in the morning. On Monday, the yield had tumbled 10 basis points to 1.19 percent, the lowest level since February.

Stocks are taking their cue from the bond market at the moment, Mr. Gimbler said, adding that he expected bond yields to rise again. “Ultimately, a 10-year Treasury yield at 1.2 percent or even lower is not consistent with strength of the global economy today,” he said.

The Stoxx Europe 600, which tumbled 2.3 percent on Monday — the worst day this year — rose 0.4 percent. Asian markets closed lower on Tuesday, following the drop on Wall Street the previous day.

The British pound fell 0.3 percent against the U.S. dollar to its lowest level since January. On Monday, the government lifted most of its coronavirus restrictions in England but still urged caution as the country reported nearly 40,000 new cases.

Mr. Gimbler said Britain was a test case that would “challenge the thesis that a widely vaccinated population can reopen without restrictions.” Therefore traders will be paying close attention to what happens there.

One company at the sharp end of this bumpy recovery is easyJet, the bargain European airline. “The road to recovery from the pandemic isn’t going to be a straight line,” the company’s chief executive, Johan Lundgren, said on Tuesday, although he insisted that the airline was prepared for it.

EasyJet’s shares rose 2.1 percent after the airline said that it expected to fly at 60 percent of its 2019 level in the three months through the end of September, compared with 17 percent in second quarter of this year. Over the summer, it plans to increase routes among continental European cities. The airline’s shares had fallen 6.6 percent on Monday.

“Although bargain hunters will be sniffing around, nervousness is still largely the sentiment rippling through the markets, as concerns are growing that higher infection rates will bring about a fresh economic slowdown,” Susannah Streeter, an analyst at Hargreaves Lansdown, wrote in a note.

She added that tensions between the United States and China could raise concerns about global trade. On Monday, the Biden administration accused the Chinese government of hacking Microsoft.

— Eshe Nelson

Eshe Nelson - The New York Times

 

- equity index: 형평성 지수

- tentative: 잠정적인, 머뭇거리는

- unnerve: 불안하게 만들다

- a bout of: 한 차례의

- volatility: 휘발성, 변덕 

- rocky: 고난이 많은, 험난한 

- yield: 총수익