At the same time, the oil markets experienced a downturn.
Asian markets rallied on Monday amid growing hopes that the coronavirus pandemic appears to be on the decline.
Japan’s main Nikkei index rose more than 2.5 percent from the previous trading, while Australia’s S&P/ASX rose 3.7 percent. The KOSPI index in Seoul rose 2.6 percent, while Hong Kong’s Hang Seng added more than one percent. The Shanghai stock exchange was closed due to a public holiday.
Investors may have been encouraged by the decline in the number of deaths from COVID-19 in New York, Spain, and Italy, as evidence that orders to stay at home to avoid the spread of the disease are in effect. The good news is sure to bring relief after recent losses on Wall Street after US Federal authorities announced last Friday that employers laid off more than 700,000 people in March – the worst performance in more than a decade.
However, oil markets were trading lower on Monday as the price war between Saudi Arabia and Russia continues, compounded by falling demand due to the pandemic. US crude prices fell 7 percent to just over $ 26 a barrel, while Brent crude, the global benchmark, lost 6 percent to $ 32 a barrel.