Global stocks slide as COVID-19 vaccine relief quickly fades with the US imposing new restrictions

• Global stocks slid on Thursday as investor optimism over a COVID-19 vaccine were dashed by further measures to curb the spread of the virus in the US.
• The state of New York will see several new measures go into force from Friday, just two weeks before Thanksgiving.
• The FTSE 100 slid 0.4% after data showed the UK economy grew by a record 15% in the third-quarter, but a second ongoing lockdown means the next GDP reading could be grim.
• China's dominant tech platforms saw substantial declines after Beijing released new anti-monopolistic rules.

Global stocks fell on Thursday after investor hopes for a COVID-19 quickly faded as the US imposed new COVID-19 restrictions in New York.

Futures tied to the Dow Jones, S&P 500, and the Nasdaq dropped 0.5%, pointing to a fall in the major indices at the start of trade later.

The US recorded over 1 million new COVID-19 cases over the past 10 days. On Wednesday, the country saw a record 136,325 new cases, according to Johns Hopkins data.

New York has experienced at least 540,965 confirmed cases, with more than 30,000 deaths. New York governor Andrew Cuomo has announced several measures that go into effect two weeks before the Thanksgiving holiday.

Cuomo indicated that more restrictions would follow if the virus is not brought under control, but he is resistant to a complete lockdown.

Pfizer's positive results of its COVID-19 vaccine this week led to some rotation in markets out of work-from-home stocks and into stocks that are more exposed to the health of the global economy.

A vaccine might mean there is less incentive for the Republican-controled Senate to approve a larger fiscal stimulus package, said Eric Diton, managing director at the Wealth Alliance.

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The UK's FTSE 100 fell 0.4% after data showed its economy grew at a record 15.5% in the third quarter, but a second lockdown could reverse its pace of growth.

The Euro Stoxx 50 fell 0.4% and Germany's DAX fell 0.5%.

China's dominant tech platforms fell between 5% and 9% on Wednesday after regulators released new anti-monopolistic rules.

Assuming China implements these rules, UBS expects a near-term impact on the sector, but suggested investors take a more nuanced view before taking action.

"Markets remain sensitive to headlines and the risk of incremental regulation in other tech segments, both of which could add to near-term pressure,"said Mark Haefele, chief investment officer at UBS Global Wealth Management. "Earnings from several key companies in the next few days could offer more clarity on how companies will respond and be impacted by the new moves."

China's Shanghai Composite fell 0.1%, Hong Kong's Hang Seng fell 0.2%, but Japan's Nikkei rose 0.6%.

Oil prices came under pressure after the International Energy Agencysaid global demand would not materially improve until well into 2021, even with a vaccine. The IEA's comments echo those from OPEC, which on Wednesday slashed its demand forecasts, citing rising COVID-19 cases and government lockdowns. Brent Crude and West Texas Intermediate fell slightly to $43.7 a barrel and $41.4 a barrel, respectively.

"The sluggish recovery of demand, coupled with rising production in countries that have not signed up to the production cuts agreement, is likely to necessitate strong action on the part of OPEC+," Commerzbank analysts said.

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