Asian markets rose Monday as some of the world's worst-hit countries reported falling death rates, providing some much-needed hope in the battle against the coronavirus, though oil prices were rocked after a meeting of top producers was delayed.
While the disease continues its deadly sweep across the planet, with more than 1.25 million now infected and nearly 70,000 dead, news out of Europe that fatalities were easing has lifted spirits on trading floors.
Italy reported its lowest daily toll in two weeks, while Spanish officials said deaths fell for the third straight day and France reported its lowest daily toll in a week.
Meanwhile, South Korea saw its fewest new cases in six weeks, while Donald Trump said the US was showing signs of stabilising, despite the number of cases there passing 335,000 -- the highest in the world.
The virus "appears to be reaching a peak in Europe, with Italy seeing the number of patients in intensive care falling for the second consecutive day", said National Australia Bank's Tapas Strickland.
"Note, Italy imposed a countrywide lockdown on March 9, and so is supportive of the view that the virus peaks and peters out after 15-30 days following a strict lockdown. Focus in markets will now turn to the path out of lockdown and to what extent containment measures can be lifted without risking a second wave of infections."
The country's Surgeon General Jerome Adams warned on Fox News: "This is going to be our Pearl Harbor moment, our 9/11 moment." Erik Nielsen, of UniCredit SpA, said: "There is light at the end of the tunnel but it's still a long tunnel."