A rally in basic material and energy shares on higher oil prices initially lifted major U.S. stock indices
The Dow Jones Industrial Average fell 569.38 points, or 1.63%, to 34,299.99
The pan-European STOXX 600 was up 0.6% by 0704 GMT after sinking to a two-month low in the previous session
Global shares posted their longest winning streak in three months on Monday, aided by hopes US interest rates would stay low for longer and talk of more stimulus in Japan and China
The declines deepened Wednesday with Moderna closing 16% lower and BioNTech dropping 14% as trading volume picked up
MSCI's broadest gauge of global shares was flat in European trading, broadly unchanged on the week, buoyed by early gains across most European markets, with Britain's FTSE 100 up 0.4%.
Global shares retreated from recent highs yesterday, as Asian markets grew jittery about a resurgence of Covid-19 cases and Western markets awaited US jobs report
MSCI's all country world index, which tracks shares across 50 countries, fell 0.32 points or 0.04%, as declines in Asian equities undercut new highs in European and US markets
MSCI's All Country World Index, which tracks shares across 49 countries, was down 0.1% after the open in Europe.
Futures pointed to a higher open for share markets in Europe
Investors were wary about how shares of major tech firms would react to the G7's agreement on a minimum global corporate tax rate of at least 15%
Global shares were moderately higher in listless trading Wednesday, as investors watched for news out of a Federal Reserve meeting. France's CAC 40 gained 0.3% in early trading to 6,291.87, while Germany's DAX edged up 0.2% to 15,279.81. Britain's FTSE 100 rose 0.2% to 6,961.41. The future for the Dow industrials slipped 0.1% to 33,834, and S&P 500 futures rose 0.1% to 4,182.12. Japan's Nikkei 225 added 0.2% to finish at 29,053.97, while South Korea's Kospi slipped 1.1% to 3,181.47. Australia's S&P/ASX 200 added 0.4% to 7,064.70. Hong Kong's Hang Seng climbed 0.5% to 29,071.34, while the Shanghai Composite rose 0.4% to 3,457.07. Analysts said Asian investors have adopted a wait-and-see stance ahead of the Fed meeting. But the wider point and the bigger driver of markets, as equities shuffled nervously ahead of the FOMC meeting today, is arguably just how much restraint the Fed will exercise, said Venkateswaran Lavanya at Mizuho Bank. Also on tap is President Joe Biden's speech
The MSCI world equity index, which tracks shares in 49 countries, fell 0.1% by 0810 GMT
U.S. stock futures pointed to a flat open on Wall Street, albeit within touching distance of a record high.
Indicators were positive for Europe as well with futures for Eurostoxx 50 up 0.2%
Global stock markets and Wall Street futures rose Wednesday after traders shrugged off higher US inflation and a decline in Japanese machinery orders. London and Paris opened higher while Shanghai, Hong Kong and Seoul rose. Tokyo was off less than 0.5%. On Tuesday, Wall Street's benchmark S&P 500 index climbed 0.3% to a new high, propelled by tech and consumer stocks on optimism the vaccine rollout will allow business activity to return to normal. Johnson & Johnson fell 1.3% after US regulators suspended use of its single-dose vaccine to investigate possibly dangerous blood clots. The US government reported consumer prices increased by a stronger-than-expected 0.6% in March, the fastest rate since 2012. Higher inflation normally fuels fears interest rates might be raised to keep prices stable, but the Federal Reserve has said the economy will be allowed to run hot to ensure a recovery is in place. Traders took the well-telegraphed inflation pick-up' in stride, Stephen Innes of
Stocks in Europe reached record highs, buoyed by optimism in Britain over easing lockdown restrictions, while a benign outlook for US interest rates was set to push Wall Street to new heights
Benchmark 10-year U.S. Treasury notes last yielded 1.6207% after reaching 14-month highs last week.
The euro touched a one-month high of $1.2183
MSCI's All Country World Index, which tracks shares across 49 countries, was down 0.4 per cent after the start of European trade