Asian shares jumped on Tuesday and oil extended gains on optimism the global economy would recover quickly following a successful early-stage trial of a coronavirus vaccine, while the euro hovered near a two-week top.
FILE PHOTO: Passersby wearing protective face masks, following an outbreak of the coronavirus, are reflected on a screen displaying stock prices outside a brokerage in Tokyo, Japan March 6, 2020. REUTERS/Issei KatoAustralia’s benchmark index and Hong Kong’s Hang Sang were the lead gainers, up 2% each, South Korea added 1.8% while China’s blue-chip index climbed 0.8%.
Analysts, for now, expect a steep contraction in world growth with the outlook for 2021 still uncertain with no approved treatments or vaccines for COVID-19 currently.On Wall Street overnight, the benchmark S&P 500 posted its biggest one-day percentage gain in almost six weeks, gaining 3.15%. The Dow Jones Industrial Average rose 3.85% and the Nasdaq Composite added 2.44%.
There was good news in Europe too, after France and Germany called for the creation of a 500 billion euro Recovery Fund able to offer grants to the countries and regions hardest hit by the coronavirus crisis. “But collectively these data support our forecast that monthly activity measures from May onward should, in general, start to look better as restrictions are gradually eased.”
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