Oil prices skidded on Monday after Saudi-Russian negotiations postponed. In addition, oil prices are still being the main topic. It kept oversupply alive while stocks jumped. It caused of the investors encouraged a slowdown in coronavirus-related deaths and new cases.
In currency markets, sterling dropped 0.4 per cent early in Asia after British Prime Minister Boris Johnson was admitted to hospital. It has been 10 days of positive tests for the virus following recurrent coronavirus symptoms.
Brent crude dropped as much as $4 after Saudi Arabia and Russia postponed their meeting to Thursday. The meeting is going to schedule on Monday even as pandemic virus pummels demand.
Nevertheless, stock investors have taken comfort as the coronavirus death rate accelerated across major European nations, including France and Italy.
Jeffrey Halley, as a Senior Market Analyst, Asia Pacific, OANDA, gave the response. He said, “With a very light calendar globally today, there is enough momentum to keep the equity rally running through the course of the day and also into European time.”
“All bets are off after that although I could see a couple of days of positive sentiment ahead, especially if those mortality rates keep falling,” he added.
Stock Futures Increase Eventually
According to Reuters, U.S. stock futures grew 3.2 per cent after U.S. trading during Asian trade. President Donald Trump expressed optimism that the world was seeing the coronavirus epidemic “leveling down.”
Futures for the FTSE in London increased by 1.7%, while those for Eurostoxx 50 added 2.6%.
In Asia, Australia’s benchmark index rose 3.3%, Japan’s Nikkei added 2.4% after a sluggish start, while the KOSPI index in South Korea increased 2.1%. The Hang Seng index for Hong Kong was 0.9 per cent higher.
That sent MSCI’s broadest Asian share index outside Japan to nearly 1 percent, on track for its best showing in a week.
On the other hand, markets in mainland China have been shut down for a national holiday. Worryingly, the number of new cases of coronavirus jumped on Sunday in China. Meanwhile, the number of asymptomatic cases also rose. Beijing continued to fail to eliminate the epidemic amid drastic measures to contain it.
