Oil prices edged higher after the US government forecast higher fuel demand and lower production, overshadowing concerns that the surge in new coronavirus cases would hamper demand. — Reuters pic
US Treasury yields ticked lower as a rising caseload of Covid-19, the respiratory disease caused by the novel coronavirus, raised concerns about economic reopening plans. “Other countries have shown it is possible to knock this virus down,” Joy said. “But it takes social discipline and that seems to be in short supply here.”
Corporate earnings are expected to fall by about 20 per cent percent this year following the deepest recession in more than a century. Pictet Asset Management expects a 30 per cent to 40 per cent slump. Analysts said signals from the Chinese government through a state-sponsored journal on “fostering a healthy bull market,” published on Monday, helped the buying binge in Chinese shares.