NEW YORK (Reuters) – A gauge of global equity markets rose on Monday on hopes of a fast recovery from the coronavirus economic slump while oil slid after Saudi Arabia said an extension of output cuts by producer nations would not include extra cuts by three Gulf countries.
Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues in the Manhattan borough of New York, U.S., May 28, 2020. REUTERS/Lucas Jackson
A surprisingly upbeat U.S. jobs report on Friday along with progress toward a European recovery fund, more German fiscal spending and the European Central Bank’s decision last week to expand its emergency stimulus program drove recovery hopes.
The U.S. dollar edged higher and commodity currencies gained as risk appetite ramped up. The New Zealand dollar rose to its highest in nearly four months after the government said it had stopped transmission of the coronavirus within the country.
Financial, automotive and retail-oriented and energy shares