A surge in cases sparks a sharp sell-off. U.S. markets tumble with the Dow Jones falling by more than 700 points while the Nasdaq posted its first decline in nine sessions. This, as U.S. daily Coronavirus numbers soared to their highest peak since April with California logging a record 7,000 infections while cases in Florida spike above 5,500. Recession fears have also weighed on sentiment. The IMF has lowered its global growth forecast, warning that GDP will contract by nearly 5 per cent in 2020. The pandemic has pushed U.S. crude stockpiles to record highs and placed pressure on demand expectations, sending oil prices sharply lower. And in Germany, drug behemoth Bayer has announced it will spend up to $11bn to settle litigation cases over the alleged harmful effects of its weedkiller, Roundup, while Lufthansa receives some good news, with its biggest investor suggesting he will approve the airline’s bailout. 

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