Global markets moved higher after Spain reported 674 deaths from the coronavirus on Sunday, the lowest daily rise since early March, and Italy recorded its lowest death rate within a 24-hour period in two weeks with 525 fatalities.
The number of deaths in New York state has also begun dropping “for the first time,” Andrew Cuomo said on Sunday. But the governor cautioned that it’s too early to tell whether this means the state has passed the peak.
Investors are reading the data as a sign that lockdown measures are starting to prove effective, according to Jeffrey Halley, senior market analyst for Asia Pacific at Oanda.
“Like the rest of the world, financial markets are searching for any slivers of hope,” he said.
Halley warned the positive sentiment could be fleeting, however, saying that last week’s US jobs numbers show that the virus is wreaking “almost unimaginable havoc” on the global economy.
Oil market volatility
US crude fell as much as 11% to $25.28 a barrel overnight before paring losses after the head of Russia’s sovereign wealth fund said his government was close “very, very close” to reaching a deal with Saudi Arabia. Prices were last down 1.5% to trade around $27.91 a barrel. Brent crude — the global benchmark — fell 0.9% to $33.73 a barrel.