World stock markets enjoyed a second day of sharp gains on Tuesday as signs of progress against the coronavirus in both Europe and the United States and some more liberal helpings of stimulus kept investors charging back in.
Europe was in the swing of things too. The pan-European STOXX 600 index climbed roughly 3per cent as the respective markets in London, Frankfurt, Paris, Milan, and U.S. futures, all bounded higher. In hardest-hit Italy and Spain, authorities have started looking ahead to easing lockdowns after steady falls in fatality rates. In the United States too, the daily number of deaths in the country's worst-affected area, New York, has also shown signs of steadying.
New Zealand's dollar rose 1.3per cent too, while the Japanese yen shook off an early dip to clamber up to 108.92 per U.S. dollar. Graphic - Global stock markets shaking off the virus: https://fingfx.thomsonreuters.com/gfx/mkt/nmovawogvab/Pastedper cent20imageper cent201586257832986.pngIt wasn't only oil driving commodities markets higher either, copper punched up to a 3-week high with a 3per cent gain for industrial metals, while safe-haven gold wilted to US$1,655 an troy ounce in the other direction.
The Eurogroup of finance ministers within the single euro zone currency bloc are scheduled to meet later on Tuesday, and analysts expect more joint action to help prop up the economies of member states.