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| - Stocks in Europe and the US pulled back on Friday despite news of rebounding economic growth and robust tech earnings. With just days remaining before the US presidential election and uncertainty over a key American stimulus package as well as renewed coronavirus lockdowns in Europe, there was scant sentiment for taking on risk. London closed the day down marginally while Frankfurt shed 0.4 percent. Paris bucked the trend to add 0.5 percent. Meanwhile on Wall Street, the Dow was down 0.9 percent in midday trade. "Stocks remain under pressure (also) after global daily coronavirus cases hit a record high after breaching the 500,000 threshold," said Joshua Mahony, analyst at IG trading group. Eurozone output soared by a record 12.7 percent in the third quarter as the bloc bounced back from the depths of the coronavirus lockdown, official data showed Friday. But, despite the rebound, total gross domestic product in the 19-country zone is still 4.3 percent down on the third quarter of 2019. In the European Union, GDP increased by 12.1 percent in the third quarter but remained 3.9 percent down on the same period last year. The news came one day after official data showed the US economy expanded by a record 33.1 percent in the same period, after a 31.4-percent collapse in the previous three months. Markets remain fearful however that the world economy could now be heading for a double-dip recession. "Growth data for the third quarter have impressed today, with Spanish, German, French, and eurozone readings all coming in above market estimates," Mahony said. "However, it comes as no surprise to see markets fail to post a proportionate rally (due to) fears of a double-dip recession." Equities and oil prices have endured a torrid week as governments are forced to act to contain a second wave of disease in the northern hemisphere. European Central Bank boss Christine Lagarde on Thursday warned that the eurozone economy was "losing momentum more rapidly than expected" after a partial summer rebound. Another source of angst is the US presidential election on Tuesday. While Democratic challenger Joe Biden leads in most polls, some key states remain very close and President Donald Trump has hinted he may contest the results if the vote count goes against him. "Uncertainty surrounding the presidential election is a factor as it is likely to have a big impact on the proposed stimulus package -- when it might be delivered and what size of a programme could be revealed," said market analyst David Madden at CMC Markets UK. Even tech companies like Apple, Amazon, Google-parent company Alphabet, and Facebook posting results that beat expectations failed to tempt investors, with the tech-heavy Nasdaq Composite slumping 2.1percent in midday trading. "A bumper day of tech earnings on Thursday failed to inspire confidence in investors," said analyst Craig Erlam at online currency trading house Oanda. London - FTSE 100: DOWN less than 0.1 percent at 5,577.27 points (close) Frankfurt - DAX 30: DOWN 0.4 percent at 11,556.48 (close) Paris - CAC 40: UP 0.5 percent at 4,594.24 (close) EURO STOXX 50: DOWN less than 0.1 percent at 2,958.61 New York - Dow: DOWN 0.9 percent at 26,419.05 Tokyo - Nikkei 225: DOWN 1.5 percent at 22.977.13 (close) Hong Kong - Hang Seng: DOWN 2.0 percent at 24,107.42 (close) Shanghai - Composite: DOWN 1.5 percent at 3,224.53 (close) Euro/dollar: DOWN at $1.1654 from $1.1674 at 2100 GMT Dollar/yen: DOWN at 104.59 yen from 104.61 yen Pound/dollar: UP at $1.2957 from $1.2930 Euro/pound: DOWN at 89.93 pence from 90.29 pence West Texas Intermediate: DOWN 1.7 percent at $35.55 per barrel Brent North Sea crude: DOWN 0.5 percent at $37.48 burs-rl/pvh
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