Global stock markets started the fourth quarter with mixed results, as Wall Street recovered from recent losses but Asia and Europe saw little forward progress. An array of worries has recently dogged global equities, including supply chain snarls, inflation, the Delta variant of Covid-19 and its effect on the economic recovery and, more recently, political gridlock in the United States that is pushing it closer to a potential debt default. Wall Street posted solid gains on the first day of October trading, in what observers viewed as a positive reaction to news that pharmaceutical giant Merck would seek authorization in the United States for an oral drug against Covid-19 that performed well in clinical trials. “This is something I think a lot of people and not just investors have been wanting is a cure for Covid,” said Kim Forrest at Bokeh Capital Partners. European markets had a choppy day, with London’s FTSE 100 and Frankfurt’s DAX both ending the session in the red, while the Paris CAC 40 finished just about steady. Asian markets saw heavier losses earlier in the day. “The markets are likely to remain volatile as (the fourth quarter) begins, with October another historically choppy period after September’s wild ride for the markets that saw the S&P 500 snap a seven-month winning streak,” said analysts at Charles Schwab.