Global stocks dip as ECB chief calls for quick action from Brussels

Jul 17, 2020: Global stocks fell Thursday following mixed US economic data and earnings, and as the European Central Bank chief called on EU leaders to quickly agree on a huge recovery plan

The pullback came as the Indian state of Bihar with 125 million residents went into lockdown due to the coronavirus pandemic, while the bad US outbreak worsened, with a record 67,632 cases in the previous 24 hours.

New claims for US unemployment benefits last week were little changed compared with the prior week at 1.3 million, a historically high level that economists fear may accelerate again.

Meanwhile, US retail sales continued to rise in June, but at a slower pace than in May.

"The reality is these numbers have remained elevated," Adam Ozimek, chief economist at freelancing platform Upwork, said on Twitter of the weekly claims data. "What this looks like is continued job loss and continued permanent business closures."

All three major US equity indices finished lower, with the Nasdaq suffering the biggest decline of 0.7 percent, reversing the trend that has lifted the tech-dominated index to repeated records in recent weeks.

AFP/APP