Stocks, Euro Jump on Coronavirus Hopes, Italy to Ease Lockdown
Global stock markets enjoyed a second day of gains Tuesday as indicators of progress in opposition to the coronavirus in both Europe and the U.S., and more liberal helpings of stimulus kept traders charging back in.
There was an added boost from commodity markets as oil climbed nearly 3% on production cut hopes, while forex additionally got here alive as a tumbling dollar noticed the euro race out of a six-session rut of falls.
Equities had been in action; nonetheless, Japan’s Nikkei followed up Wall Street’s 7% surge Monday with a 2% bounce as its authorities promised a near $1 trillion stimulus package – equal to a fifth of its GDP.
Europe quickly got in the moves of things too. The pan-European STOXX 600 index jumped over 3% as the respective markets in London, Frankfurt, Paris and Milan all bounded higher.
Worldwide, the virus has infected over 1.3 million people and killed more than 74,000, and although the numbers are still rising in many highly-populated nations, some tentative improvements have given hope.
In hardest-struck Italy and Spain, authorities have started looking ahead to loosening lockdowns after steady falls in fatality rates. In the U.S., too, the daily count of deaths in the nation’s worst-affected area, New York, has additionally proven signs of steadying.
The U.S. greenback, which has been soaking up safe-haven flows for weeks, slipped against most leading currencies.