Global stocks continued to rise on hopes that the coronavirus outbreak could be nearing its peak in some of the worst-hit countries, including the US.
European stocks rose, with London’s FTSE 100 up 2.1 per cent. The pan-European Stoxx 600 index advanced 1.7 per cent, trading around 20 per cent higher than its mid-March lows.
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In the US, stocks on Wall Street also closed higher. The benchmark S&P 500 index rose 3.4 per cent during the session, placing it 22.9 per cent above the nadir of March 23.
Stocks were set for more gains in New York, with futures tied to the S&P 500 up 1.2 per cent.
At the same time, Asia-Pacific saw a positive session. In Hong Kong the Hang Seng rose 1.3 per cent, while Sydney’s S&P/ASX 200 index added 3.5 per cent and South Korea’s Kospi was up 1.5 per cent. Japan’s Topix stock index fell 0.6 per cent, ending a three-day run of gains.
The US 10-year treasury yield was flat at 0.75 per cent.
Elsewhere, oil prices increased ahead of a meeting between Saudi Arabia and Russia today, which has raised hopes of a deal to curb production.
G20 oil ministers are to meet on Friday to discuss measures to support the industry. Demand has falled greatly on the back of the coronavirus outbreak.
Brent crude added 3 per cent to $33.9 per barrel.