Asian stock markets were mixed in holiday-thinned trading on Friday, 10 April 2020, despite the positive cues from Wall Street overnight after the U.S. Federal Reserve rolled out a massive $2.3 trillion program to support the economy crushed by moves to stem the coronavirus outbreak . Worries about the spread and the economic impact of the coronavirus weighed on sentiment. Several markets in the Asia-Pacific region are closed for the Good Friday holiday.
Markets in Australia, Hong Kong, Singapore and India were all closed for the Good Friday holiday.
Wall Street stocks rose overnight on the Fed steps, which include assistance to small businesses and local governments and the purchase of high-yield bonds. The US Federal Reserve announced US$2.3 trillion in emergency loans to help the world's largest economy reeling from the coronavirus.
The US has become home to the largest number of coronavirus infection cases - roughly one in three of the world's total - and, with more than 16,000 dead, it is second only to Italy in total deaths. The latest jobless claims numbers overnight mean that nearly 17 million Americans have been thrown out of work by the virus, which has led to most of the country to be under lockdown.
Meanwhile, a historic production cut agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, hit a snag after Mexico reportedly refused to agree to its share of the cuts. The other members of OPEC+, led by Saudi Arabia and Russia, earlier in the day agreed to cuts that would take 10 million barrels per day offline as the coronavirus pandemic saps demand for crude. But after Mexico resisted its allocation, the meeting ended with no definitive agreement. Talks are now set to continue on Friday.
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