Major US indices gained more than 2 per cent , the latest positive day for stocks since officials in New York and some other hotspots pointed to progress in cutting the number of new coronavirus cases. — AFP pic
Some countries, including Italy and Austria, have relaxed some lockdown measures as US officials begin to tackle the question of how to safely reopen the economy. “Markets continue to react in an odd way, mostly ignoring all the bad figures that have come their way and focusing on the positives, such as the China figures,” said Chris Beauchamp, chief market analyst at IG trading group.
Earnings results from large banks also raised red flags, with JPMorgan Chase and Wells Fargo both setting aside billions of dollars to cover potential loan defaults.