Markets mixed, more COVID-19 lockdowns loom

Markets were mixed on Monday.

The S&P 500 fell 0.4 percent but the STOXX Europe 600 rose 0.4 percent and the Shanghai Composite rose 0.7 percent.

US stocks fell as New York City Mayor Bill De Blasio warned on Monday that the city could experience a “full shutdown” soon.

In the UK, the government announced on Monday that London will be placed on England’s toughest tier of COVID-19 restrictions.

“These are lockdowns that are hurting global growth,” said Quincy Krosby, chief market strategist at Prudential Financial.

Still, some analysts remain sanguine.

Mark Haefele, chief investment officer at UBS Global Wealth Management, said that the introduction of COVID-19 vaccines will support “a return to more normal levels of economic and social activity”, so for global equities, “there is further upside to come”.