Asian markets benefit from glimmers of progress in the fight against coronavirus

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Asian stocks and US futures rebounded on Monday as investors hoped that the battle against the coronavirus pandemic could progress in some hard-hit regions.
The Nikkei 225
NIK,
+ 4.24%

in Tokyo gained 2.2% while the Hang Seng in Hong Kong
HSI,
+ 2.11%

increased by 1%. Kospi in South Korea
180721,
+ 3.85%

added 2.5% while the S & P / ASX 200
XJO,
+ 4.32%

in Sydney increased 3.3%. Shares also rose in Taiwan
Y9999,
+ 1.60%

and Southeast Asia.

The Shanghai market was closed on a public holiday.
In New York, S&P 500 futures
ES00,
+ 3.69%

were about 3% higher.

Gains followed another session of losses Friday after the United States said employers cut 701,000 more jobs than they added last month, the first decline in nearly a year. decade. Investors fled the market before the weekend. Oil prices were higher.
Reports have shown that the number of deceased appears to be slowing in New York, Spain and Italy. The news was greeted with caution by leaders, who also noted that any progress could easily be reversed if people did not continue to follow strict restrictions.
“Hundreds of people are dying every day from the pandemic, but less than in previous days, giving markets hope that the lockdowns will finally start to work,” said Orey’s Jeffrey Halley in a comment.
“Like the rest of the world, the financial markets are looking for hope,” he said.
The situation has deteriorated in other areas as infection rates have increased.
Japanese Prime Minister Shinzo Abe was to announce a state of emergency on Tuesday to further curb public activity and contain the epidemic. The Thai government is reportedly considering extending its 22-hour week. at 6 a.m. curfew.
New York’s first reaction to Friday’s dreadful job report was to take the plunge. But Wall Street slipped throughout the day as investors prepared for more bad news.
The losses have accelerated after the Governor of New York announced the largest daily jump to date in coronavirus deaths in the hardest-hit state in the country.
The S&P 500
SPX,
-1.51%

fell 1.5% to 2,488.65. Dow Jones industrial average
DJIA,
-1.68%

lost 1.7% to 21,052.53, and the Nasdaq
COMP,
-1.52%

lost 1.5% to 7,373.08. Small business stocks fell much more than the rest of the market.
The S&P 500 is down 26.5% from its record high in February, reflecting the growing assumption that the economy will sink into a sudden and extremely brutal recession.
Traders are preparing for potential new doses of bad news: potentially frightening calendar events include Thursday’s weekly report on unemployment benefit claims, which was closest to real-time measurement of how whose fierce layoffs swept the country. Businesses will also soon start reporting profits for the first three months of the year, with the reporting season starting in earnest in two weeks.
Friday’s job report likely did not fully capture the extent of the recent job losses, which are accelerating day by day, as it collected data before home stay orders became widespread .
The panic sales that dominated the first weeks of the sale have eased somewhat since Washington unleashed massive amounts of aid to help markets and the economy. The Federal Reserve has promised to buy as much of the Treasury as it needs to keep the credit markets running smoothly, and Congress approved a $ 2.2 trillion bailout for the economy.
But only a spike in the number of new coronavirus cases could clarify the depth and prolongation of the economic downturn.
The United States has more than 377,000 confirmed cases of the virus, bringing the global total of more than 1.25 million from Johns Hopkins University.
Energy markets have recovered somewhat due to expectations that Saudi Arabia and Russia may ease their price wars. However, the benchmark American crude
CL.1,
-1.94%

was down Monday, falling from $ 1.52 to $ 26.82 a barrel in ecommerce on the New York Mercantile Exchange. On Friday, it climbed 11.9% to $ 28.34 a barrel, adding to its nearly 25% jump the previous day.
Brent crude
BRNM20,
-1.49%

, the international standard, fell $ 1.06 to $ 33.05 a barrel. It rose $ 4.17 on Friday to $ 34.11 a barrel.
The world is inundated with oil as energy demand plummets, and President Donald Trump said on Thursday that his rivals may be on the verge of cutting production to support the price of oil.
In currency trading, the dollar
USDJPY,
+ 0.61%

rose to 108.87 Japanese yen from 108.48 yen on Friday.

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