SYDNEY/SINGAPORE (Reuters) – Asian stock markets rallied for a second day on Tuesday and riskier currencies rose, on tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe.
FILE PHOTO: Passersby wearing protective face masks following an outbreak of the coronavirus disease (COVID-19) are reflected on a screen displaying stock prices outside a brokerage in Tokyo, Japan, March 17, 2020. REUTERS/Issei Kato
Gains, however, lacked Monday’s momentum as the number of coronavirus cases kept rising globally and an economic crash on a scale not seen for generations looms large.
FTSE futures gained 3.08% and EuroSTOXX 50 futures rose 0.61%, pointing to a steady open in Europe, while U.S. stock futures were steady after trading either side of flat through the Asian day.
“At the moment Asian markets are leading their global counterparts and reacting with some optimism to speculation that we may be reaching peak infection and mortality rates in major cities,” said Michael McCarthy, chief market strategist at CMC Markets. “But frankly that may be ill-founded.”
The United States is bracing for its toughest week yet as the death toll climbs above 10,000 while across the Atlantic, British Prime Minister Boris Johnso