Global recovery signs lifts markets

The slowing death toll from coronavirus in some hard-hit European nations has heartened traders, with Wall Street opening higher on Monday morning.

Rising pollution levels in China signalled early signs of recovery there, according to the IMF, but a delayed meeting between top oil producers sent oil prices downwards.

 

Robert Glorioso, Chief, Building Engineering Operations, rings the opening bell at the NYSE. Picture: AP
Robert Glorioso, Chief, Building Engineering Operations, rings the opening bell at the NYSE. Picture: AP

About 45 minutes into trading, the Dow Jones Industrial Average was up 5 per cent, gaining 22,113.97.

Also climbing were the broadbased S & P 500, rising 4.8% to 2607.07, while Nasdaq gained 4.7 per cent to 7717.70.

While there are early signs that the virus is slowing in New York, US authorities have warned that the coming days would be tough for American healthcare providers.

France reported its fewest fatalities in a week and Italy reported its lowest death toll in two weeks over the weekend while Spain recorded lowering fatalities for four days running.

Concerns that the 10 million barrels per-day cut would not be enough to support oil prices also sent oil trending down in New York trading. Picture: AP
Concerns that the 10 million barrels per-day cut would not be enough to support oil prices also sent oil trending down in New York trading. Picture: AP

Meanwhile, news that a meeting between OPEC crude oil producers and key non-OPEC members aimed at easing the oversupply was pushed back to Thursday from Monday, ending hopes of a relief from plummeting oil prices due to a glut of oil.

Concerns that the 10 million barrels per-day cut would not be enough to support oil prices also sent oil trending down in New York trading, with Brent at $33.36 a barrel, and West Texas Intermediate at $27.32.

Originally published as Global recovery signs lifts markets


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