Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Stock markets boosted by hopes virus worst has passed, oil dives
by Staff Writers
Hong Kong (AFP) April 27, 2020

Equity markets rallied Monday as the rate of coronavirus deaths dropped in several badly hit countries and leaders stepped up plans to reopen their economies, though oil prices tumbled again with supply glut fears overshadowing output reductions.

Traders were also keeping a keen eye on meetings of key central banks this week, hoping for further financial support to offset the impact of the pandemic, which is expected to send the world into recession.

But while more than 205,000 people have died from COVID-19 with nearly three million cases recorded, the latest figures from Europe's worst-hit countries provided some much-needed hope to markets that the peak of the crisis may have passed.

Britain's daily tally was the lowest since March 31, while Italy and Spain's were the lowest in a month. France's toll was a drop of more than a third on the previous day's figures. Germany said Monday it had seen the slowest pace of infections and deaths since March 29.

And the relative improvement in the data has allowed governments to start easing up on lockdowns that have kept half the planet stuck at home.

In Italy, wholesale stores and restaurants will be allowed to resume business on May 4 and people will once again be permitted to stroll in parks and visit relatives, while other shops and museums will open three weeks later.

Spain on Sunday let children play outside for the first time since mid-March and Swiss hairdressers, massage parlours, florists and garden centres will be able to reopen from Monday.

Meanwhile, New York Governor Andrew Cuomo said that a first stage of a reopening would start on May 15 if hospitalisations decrease.

- Eyes on central banks -

"It is looking well short of a grand reopening in the US, but the fact that some folks are returning to work seems to have piqued the fancy of investors," said Stephen Innes at AxiCorp.

Traders welcomed the developments. Tokyo ended 2.7 percent up, while Hong Kong jumped 1.9 percent.

Taipei and Mumbai put on more than two percent while Sydney, Seoul and Singapore were each more than one percent higher.

Bangkok and Shanghai were also up though there were small losses in Jakarta and Manila.

And in early trade London added 1.7 percent while Paris and Frankfurt surged more than two percent.

"Although life is not about to return to normal anytime soon, the hope that peak virus is upon us has lifted financial markets modestly in Asia," said OANDA's Jeffrey Halley.

"The hopes that even a partial return to regular economic activity, to draw a line under the economic carnage wrought by the pandemic, should see markets such as equities outperform this week."

Focus is now on central banks, with traders looking for signs of further support to embattled economies following unprecedented multibillion-dollar measures such as bond-buying and interest rate cuts.

"The markets are bolstered today by central banks, who can support risk sentiment this week by signalling a willingness to expand existing asset-purchase schemes if conditions warrant," Innes said.

The Bank of Japan was the first up Monday, announcing a ramping up of its emergency monetary easing, lifting the cap on its buying of government bonds and increasing purchases of other assets.

The move is "largely symbolic, but it's better than doing nothing", Taro Saito, senior economist at NLI Research Institute, told AFP ahead of the decision.

"Given the circumstances, no one expects the latest policy can turn the economy around, and the same can be said about fiscal stimulus," he said.

The Bank of Japan also forecast the Japanese economy could contract as much as five percent in the year to March 2021.

On oil markets, WTI lost more than 13 percent, having endured a hammering last week, with worries about storage and near-non-existent demand overshadowing signs that some countries -- including Kuwait and Algeria -- are starting to slash production in line with a major deal hammered out this month.

"Concerns surrounding rising global inventories, especially in the US with the coronavirus pandemic weighing on gasoline consumption, are pressuring oil prices," Kim Kwangrae, commodities analyst at Samsung Futures Inc, told Bloomberg News.

"While OPEC has started to curb output, demand is still not being supported and that's going to be a down factor for prices."

- Key figures around 0810 GMT -

Tokyo - Nikkei 225: UP 2.7 percent at 19,783.22 (close)

Hong Kong - Hang Seng: UP 1.9 percent at 24,280.14 (close)

Shanghai - Composite: UP 0.3 percent at 2,815.49 (close)

London - FTSE 100: UP 1.7 percent at 5,851.89

West Texas Intermediate: DOWN 13.6 percent at $14.63 per barrel

Brent North Sea crude: DOWN 5.4 percent at $20.29 per barrel

Euro/dollar: UP at $1.0835 from $1.0816 at 2030 GMT on Friday

Dollar/yen: DOWN at 107.22 yen from 107.46 yen

Pound/dollar: UP at $1.2422 from $1.2362

Euro/pound: DOWN at 87.22 pence from 87.46 pence

New York - Dow: UP 1.1 percent at 23,775.27 (close)

dan/kaf/axn

ING GROEP

GILEAD SCIENCES

J.P. MORGAN CHASE & CO


Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
US oil bounces after crash but stocks suffer big losses
Hong Kong (AFP) April 21, 2020
US crude prices bounced Tuesday but were unable to keep in positive territory, a day after crashing below $0 for the first time owing to crippled demand and a storage glut, while the commodity rout sent equities sharply lower. Investors have also been spooked by US reports that North Korean leader Kim Jong Un had undergone cardiovascular surgery earlier this month and was in "grave danger". West Texas Intermediate for May delivery rose to $1.10 a barrel in early trade after diving to an unpreced ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Under pressure: New bioinspired material can 'shapeshift' to external forces

Valorizing wastewater can improve commercial viability of biomass oil production

Ethanol production plummets as people drive less during pandemic

Making biofuels cheaper by putting plants to work

OIL AND GAS
Scientists have devised method for gentle laser processing of perovskites at nanoscale

Windows will soon generate electricity, following solar cell breakthrough

Physicists develop approach to increase performance of solar energy

New discovery settles long-standing debate about photovoltaic materials

OIL AND GAS
Supercomputing future wind power rise

Wind energy expansion would have $27 billion economic impact

Opportunity blows for offshore wind in China

Alphabet cuts cord on power-generating kite business

OIL AND GAS
Framatome awarded to modernize research reactor at Technical University of Munich

Supercomputers and Archimedes' law enable calculating nanobubble diffusion in nuclear fuel

Framatome signs long-term support contract for Taishan EPR operations

Framatome to deliver reactor protection system to Kursk Nuclear Power Plant II in Russia

OIL AND GAS
Fight climate change like coronavirus: UN

2019 was Europe's hottest year ever: EU

Pandemic cuts both ways for climate change

Megadrought emerging in western US, says study

OIL AND GAS
Could shrinking a key component help make autonomous cars affordable?

Renault shifts to all-electric cars for China

VW loses 'damning' dieselgate class lawsuit in UK

System trains driverless cars in simulation before they hit the road

OIL AND GAS
US zeroes in on shadowy Lebanese playmaker in Iraq

From Baghdad's mosques, calls to pray echo -- but don't quite match

Iraq suspends Reuters news agency over COVID-19 story

Iraq's new PM-elect Kadhemi, spy chief with friends on all sides

OIL AND GAS
Women in virus-hit Iran tech sector fight to keep hard-won jobs

NKorea flouts sanctions through China shipping: UN report

Pentagon Could Award Contract for Next Generation of ICBMs Before September

Pentagon accuses Iran Navy of 'dangerous' harassment in Gulf









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.