GLOBAL MARKETS-Stocks sink as coronavirus cases soar, lockdowns loom; dollar up

* European stocks touch five-month low
* Germany and France prepare to announce restrictions
* US dollar rallies again; gold, silver slip
* Graphic: 2020 asset performance http://tmsnrt.rs/2yaDPgn

(Updates prices, changes comment, dateline; previous LONDON)
By Rodrigo Campos
NEW YORK, Oct 28 (Reuters) - Stocks tumbled across the globe
on Wednesday on concerns that rising COVID-19 cases in Europe,
the United States and elsewhere will damage already-fragile
economic recoveries, while the U.S. dollar rose on safe-haven
bids.
Treasury yields fell alongside the price of oil and gold was
under pressure from the rising dollar.
On Wall Street, the energy and technology sectors of the
benchmark S&P 500 were among the hardest hit.
"Whether you call it a continuation of the pandemic or a
third wave of new case discovery - it is the largest concern,"
said Art Hogan, chief market strategist at National Securities
in New York.
"Unless and until we get through this pandemic, it is hard
for investors to imagine a better economic time."
The Dow Jones Industrial Average .DJI fell 808.89 points,
or 2.95%, to 26,654.3, the S&P 500 .SPX lost 97.21 points, or
2.87%, to 3,293.47 and the Nasdaq Composite .IXIC dropped
333.79 points, or 2.92%, to 11,097.56.
European shares touched their lowest since late May as
Germany and France prepared to announce restrictions approaching
the level of the lockdowns in the spring, as COVID-19 deaths
across Europe jumped almost 40% in a week.
The pan-European STOXX 600 index .STOXX lost 3.29%,
touching its lowest level since May. MSCI's gauge of stocks
across the globe .MIWD00000PUS shed 2.57%.
Asian shares lost ground after initially showing some
resilience, in part due to more limited COVID-19 outbreaks and
better recoveries in the region's major economies.
Emerging market stocks lost 1.18%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.69%
lower, while Japan's Nikkei .N225 lost 0.29%.
Concerns over a rising wave of COVID-19 infections played
out in currency and bond markets, too, with the euro EUR=EBS
slumping against the dollar.
The dollar index =USD rose 0.368%, with the euro EUR=
down 0.49% to $1.1737.
The Japanese yen strengthened 0.16% versus the greenback to
104.26 per dollar, while Sterling GBP= was last trading at
$1.3, down 0.33% on the day.
Adding to the mood of uncertainty was the Nov. 3 U.S.
presidential election.
Former Vice President Joe Biden has enjoyed a consistent
lead over President Donald Trump ahead of the vote. Investors
cautiously bet on his victory and a possible "blue wave"
outcome, where Democrats control both chambers of Congress.
UBS strategist Vassili Serebriakov said a Biden
administration would be seen as de-escalating trade tensions
with traditional allies such as Europe and Canada, as well as
China, which should improve market sentiment overall and weigh
on the dollar as a safe haven.
Treasury yields fell as traders moved away from risk assets.
Benchmark 10-year notes US10YT=RR last rose 3/32 in price
to yield 0.7693%, from 0.778% late on Tuesday.
The rising coronavirus infections weighed on oil prices on
fears of a supply glut and weaker fuel demand.
"Crude oil is under pressure from the increase in COVID-19
cases, especially in Europe, and a larger than expected storage
build (in the U.S.)," said Robert Yawger, director of energy
futures at Mizuho in New York.
U.S. crude CLc1 recently fell 5.26% to $37.49 per barrel
and Brent LCOc1 was at $39.26, down 4.71% on the day.
Spot gold XAU= dropped 1.7% to $1,875.36 an ounce. Silver
XAG= fell 5.74% to $23.14.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>