Fubotv earnings beat by $0.10, revenue topped estimates
* Early signs of virus peaking in Europe, New York
* Euro races higher in first gain in seven sessions
* World FX rates in 2020 http://tmsnrt.rs/2egbfVh
(Updates prices, adds comment)
By Rodrigo Campos
NEW YORK, April 7 (Reuters) - World stock markets posted
sharp gains on Tuesday as signs of progress in curbing the
spread of the novel coronavirus in both Europe and the United
States fueled investors' appetite for risk.
Oil prices made a sharp turnaround as hopes of a deal to
decrease supply turned into uncertainty, while the euro jumped
against the greenback after six sessions of declines. USD/
New York state, the U.S. epicenter of COVID-19, is nearing a
plateau in number of patients hospitalized, Governor Andrew
Cuomo said, a hopeful sign even as deaths in his state and
neighboring New Jersey hit single-day highs. Worldwide, the novel coronavirus has infected more than 1.3
million people and killed over 74,000, and although the numbers
are still rising in many highly populated countries, some
tentative improvements have given hope. "The rally is sentimental and a little premature because if
we lift these lockdown measures too soon and try to resume
economic activity, we're going to get a very severe pandemic
rebound," said Indranil Ghosh, chief executive officer of Tiger
Hill Capital in London.
The comment echoed that of the World Health Organization,
which warned earlier on Tuesday against easing coronavirus
measures too early. The Dow Jones Industrial Average .DJI rose 207.86 points,
or 0.92%, to 22,887.85, the S&P 500 .SPX gained 20.46 points,
or 0.77%, to 2,684.14 and the Nasdaq Composite .IXIC added
21.14 points, or 0.27%, to 7,934.38.
The pan-European STOXX 600 index .STOXX rose 1.88% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
1.60%.
Emerging market stocks rose 3.16%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 2.69%
higher.
Japan's Nikkei .N225 posted a 2% gain overnight as its
government promised a near-$1 trillion stimulus package - equal
to a fifth of its gross domestic product. With market optimism on the rise, the U.S. dollar dropped
and riskier currencies outperformed as risk appetite improved on
hopes that lock-downs may be slowing the spread of the
coronavirus in some countries.
Action by central banks to ease a scramble for dollars has
also helped bring some calm to markets, with massive U.S.
stimulus programs and debt issuance seen weighing on the
greenback.
"We've got a nice decline in volatility across forex and
equity markets," said Kenneth Broux, FX strategist at Societe
Generale.
"We know central banks have done a very good job in
alleviating the strain in dollar markets and that's feeding
through."
The dollar index =USD , tracking the greenback against six
major currencies, fell 0.849%, with the euro EUR= up 1.06% to
$1.0905.
The Japanese yen strengthened 0.39% versus the greenback at
108.83 per dollar, while Sterling GBP= was last trading at
$1.2337, up 0.88% on the day.
OIL SLUMPS
Oil prices gave up early gains to fall sharply as hopes that
the world's biggest producers would agree to cut output were
overtaken by anxiety that a deal would not emerge. Some analysts
fear that a global recession in the wake of the coronavirus
crisis could be deeper than expected, further cutting demand for
oil.
U.S. crude CLc1 recently fell 7.67% to $24.08 per barrel
and Brent LCOc1 was at $31.92, down 3.42% on the day.
U.S. Treasury yields rose as the bond market mulled a
looming supply deluge and as stocks continued their rise.
Benchmark 10-year notes US10YT=RR last fell 16/32 in price
to yield 0.728%, from 0.678% late on Monday. The 30-year bond
US30YT=RR last fell 1-2/32 in price to yield 1.3234%, from
1.285%.
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Global stock markets shaking off the virus https://reut.rs/3bVMQ0k
Coronavrus impact on global markets https://reut.rs/2V91s5N
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