Oil slips on oversupply fears, but stocks jump on virus slowdown hopes
In Asia, Australia’s benchmark index rose 3.3%, Japan’s Nikkei added 2.4% after a slow start while South Korea’s KOSPI index climbed 2.1%. Hong Kong’s Hang Seng index was 0.9% higher
Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.
In currency markets, sterling fell 0.4% early in Asia after British Prime Minister Boris Johnson was admitted to hospital following persistent coronavirus symptoms 10 days after testing positive for the virus.
Brent crude fell as much as $4 after Saudi Arabia and Russia postponed their meeting, initially scheduled for Monday, to Thursday even as the virus pandemic pummels demand.
Equity investors, however, took solace as the death toll from the coronavirus slowed across major European nations including France and Italy.
"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," said Jeffrey Halley, Senior Market Analyst, Asia Pacific, OANDA.
"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."
US stock futures rose 3.2% during Asian trading after US President Donald Trump expressed hope the country was seeing a "levelling off" of the coronavirus crisis.
Futures for London's FTSE were up 1.7% while those for Eurostoxx 50 gained 2.6%.
In Asia, Australia's benchmark index rose 3.3%, Japan's Nikkei added 2.4% after a slow start while South Korea's KOSPI index climbed 2.1%. Hong Kong's Hang Seng index was 0.9% higher.
In currency markets, sterling fell 0.4% early in Asia after British Prime Minister Boris Johnson was admitted to hospital following persistent coronavirus symptoms 10 days after testing positive for the virus.
Brent crude fell as much as $4 after Saudi Arabia and Russia postponed their meeting, initially scheduled for Monday, to Thursday even as the virus pandemic pummels demand.
Equity investors, however, took solace as the death toll from the coronavirus slowed across major European nations including France and Italy.
"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," said Jeffrey Halley, Senior Market Analyst, Asia Pacific, OANDA.
"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."
US stock futures rose 3.2% during Asian trading after US President Donald Trump expressed hope the country was seeing a "levelling off" of the coronavirus crisis.
Futures for London's FTSE were up 1.7% while those for Eurostoxx 50 gained 2.6%.
In Asia, Australia's benchmark index rose 3.3%, Japan's Nikkei added 2.4% after a slow start while South Korea's KOSPI index climbed 2.1%. Hong Kong's Hang Seng index was 0.9% higher.
The euro was barely moved at $1.0810 while the risk sensitive Australian dollar was up 0.3% at $0.6014. The pound was last down 0.2% at $1.2238.
In commodities, Brent crude futures was down nearly 3%, or $1, at $31.14 a barrel while US crude slipped 4.4%, or $1.24, to $27.09.
Spot gold added 0.2% to $1,619.1 an ounce.
