HONG KONG: Asia markets fell Monday with investors cautious on news of an international deal to shore up oil prices and tentative signs of progress in efforts to combat the coronavirus pandemic. OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out a compromise deal on Sunday to cut production by nearly 10 million barrels per day from May.
A man with a protective mask walks in the rain past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo on Monday . Asian shares fell Monday amid absence of fresh news after US markets were closed for Good Friday and European, Australian and Hong Kong trading continued to be closed for Easter holidays. - AP
Oil futures surged in early Asian trade, with WTI climbing nearly eight per cent and Brent up five pe rcent before both benchmarks pared their gains in afternoon trade. OPEC Secretary General Mohammad Barkindo called the cuts"historic" in size but analysts said the measures may not go far enough to secure a long-term rebound.
The weekend saw glimmers of hope that the crisis may have peaked in some of the hardest-hit countries. "The most critical question for the economic outlook is whether, and how quickly, the coronavirus outbreak will decrease," said Innes. More whirlwind sessions are likely this week, with new economic data to reveal the extent of the economic havoc unleashed by the COVID-19 pandemic on the world's top two economies.Analysts are predicting S&P 500 companies will report a drop in profits ranging from six to 15 percent, with worse declines in the second quarter.
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